EDC provides $2.5M in financing to Linear Transfer Automation
March 18, 2016 by Manufacturing AUTOMATION
Mar. 18, 2016 – Export Development Canada (EDC) has announced $2.5 million in financing for Linear Transfer Automation, a Barrie, Ont.-based manufacturer of automation systems for the auto sector.
Linear Transfer says it will use the financing as a revolving line of credit for various large export contracts, including work for Ford, Nissan, General Motors, Daimler and Honda.
EDC’s relationship with Linear Transfer dates back to 2006, when EDC first provided the company with credit insurance and bonding support for a transaction in Mexico. Today, EDC is developing new export and foreign exchange guarantees for the company’s international customer base, as well as “political risk insurance to protect their assets held in other countries.”
“EDC has really come to the table to provide us with what we need to succeed, every step of the way,” said Rama Jayaweera, president and GM of Linear Transfer. “Our sales are ever-increasing and now span all of North America and around the world.”
The company currently has 80 employees at its Barrie manufacturing facility, with plans to create 10 new positions in the next year. It also has sales offices in the U.S., Mexico, Brazil, the U.K., China and Thailand.
“Linear Transfer has already accomplished the hard part, which is establishing itself in global supply chains of major multinational corporations,” said Carl Burlock, senior vice-president, Financing and Investment, EDC. “EDC can provide a variety of financial solutions to support the full breadth of the company’s business, making it easier for them to multiply their trade volume and their capacity to take on new business.”
“EDC has even indirectly helped us by providing working capital financing to one of our customers,” added Jayaweera. “By doing so, it was easier for our customer to buy two of our tandem press systems that we exported to the U.S.”
Linear is a global supplier of press transfer automation, blank feed systems and press-to-press automation. Established in 1994, Linear serves the automotive, appliance, HVAC, outdoor power equipment, renewable energy, and consumer goods industries at the OEM and tier levels.