Teal Cedar

On August 4, EDC provided $12 million in financing to Teal Cedar Products a British Columbia lumber product company. The financing will be used for general corporate purposes, allowing for financial restructuring and additional liquidity during the credit crunch. Teal is coastal British Columbia's largest private solid wood products company, operating in the lumber, shakes and shingles, and harvesting sectors.

Tom Jones, President and CEO of Teal, said, "the global recession has been particularly harsh on the forest products industry in Canada, and the EDC financing, enabled by federal government initiatives to counter the recessionary impacts, will allow Teal to work through one of the worst down cycles the industry has seen in decades."