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."