Mirus gets $1M EDC guarantee for Chinese factory acquisition
Facility will help company be more competitive in Asian market, it said.
OTTAWA — Export Development Canada will provide Mirus International Inc. with a $1 million guarantee to support the company’s acquisition of a Chinese manufacturing facility.
The acquisition, the company says, will help it be more competitive in the Asian Market.
Mirus, a manufacturer of power quality and harmonic mitigation products, says
banking partner RBC provided the capital financing, with EDC guaranteeing 100% of the amount.
In November, the Brampton, Ont.-based company announced the acquisition of the facility in Suzhou, in Jiangsu province – a sister province to Ontario.
It said the facility saved a number of jobs in China and expanded its Ontario operations significantly by building a management, engineering, training and support presence that’s created additional jobs.
On Nov. 25, Mirus was won the award for Emerging Exporter at the 2014 Ontario Export Awards Gala, which honours outstanding Ontario exporters that are starting to excel in international exporting and contributing to the province’s economic development.