Name: AV&R Vision & Robotics
Location: Montreal, Quebec
Years in Business: 19
Number of Employees: 63
Main Product/Service: Robotic finishing and automated visual inspection of gas turbine parts
Key Foreign Markets: U.S., Europe, Asia, Russia, other emerging markets
EDC Services Used: Letters of Guarantee, Financing, Accounts Receivable Insurance
AV&R Vision & Robotics is known as the world leader in Robotic Finishing and in Automated Visual Inspection (2D and 3D) of gas turbine parts for the aerospace and energy industries. With an intelligent technology that is currently unmatched for accuracy, AV&R enjoys a technological head-start over any competitors that may try to make their way into its niche market. Prior to 2008, AV&R’s sales were split roughly 50-50 between Canada and the U.S. When the world financial crisis hit and the U.S. stopped investing in capital assets, AV&R looked to alternative markets and was soon expanding into Europe, Asia and Russia. However, AV&R quickly realized that with increasing growth comes an increasing need for financing.
How EDC Helped
Eric Beauregard, President of AV&R, notes that initially, the company’s greatest need was for letters of guarantee, and then for financing work in progress and insuring accounts receivable. “This has evolved to the point where most of our operations overseas are covered under one form or another of EDC products,” says Beauregard. “Today, we could not operate abroad without this coverage, this support, because our overall operations would be affected.”
Beauregard was also impressed with EDC’s flexibility and innovation in creating a global line of credit to better meet AV&R’s specific needs. “That’s the type of creativity we need to be able to develop abroad,” he says.
In the coming years, AV&R expects demand in its new markets to “explode”, and will continue looking to EDC as a key partner to support this growth. “Without EDC, AV&R…would not be the company it is today,” says Beauregard. “EDC’s support…enables us to think about our growth, rather than about managing our financing and our liquidity on a daily basis. It’s obvious that EDC’s range of products and creativity contributed greatly to our success.”