NEW YORK Signature Aluminum Canada Inc. has received an asset-based loan from Canadian Imperial Bank of Commerce to help fund growth plans, chief executive officer Ted Riddle told AMM.
The $15-million revolving credit facility will give the extruder and billet caster access to direct cash advances for both working capital and expansion efforts at its Pickering, Ontario, facility, as well as its fabrication subsidiary, Apolo Tool & Die Manufacturing Inc., in Woodbridge, Ontario, Riddle said.
"It gives us the ability to fund organic growth initiatives," he said, which could include adding robotic welding machines at the Pickering facility.
Signature Aluminum brought a robotic welding machine online last month and aims to add four or five more manufacturing cells in the next few years (AMM, March 23). "Our goal is to further our automation in the auto industry, and the most strategic thing we want to do (with the loan) as we grow is to add robotic manufacturing cells," Riddle said.
The company also has plans for Apolo Tool & Die, hoping to move the fabricators operations to a larger facility closer to Signature in the next few years. "Ideally, (Apolo) would be closer to the extrusion plant," Riddle said. "Were contemplating it, but not fully committed just yet."