Name: Valiant Corporation
Location: Windsor, Ontario
Years in Business: 54
Number of Employees: 1,600
Main Product/Service: Automated production systems and tooling
Key Foreign Markets: North America, Europe, Asia-Pacific
EDC Services Used: Accounts Receivable Insurance, bank guarantees and matchmaking
From engineering and design to project management and after-sales service, Valiant Corporation provides automated production systems and tooling for an array of industries, working from 20 facilities in 11 countries. Recognizing the value of a diversification strategy early on, Valiant diversified its business by product application, sector, region and customers. “This provided us with the ability to mitigate risk through economic and market conditions, and create a significant opportunity…with non-traditional customers,” says Marty Solcz, Chairman. The challenges of entering new markets can be significant, however, and especially during turbulent economic times, risk of non-payment can increase.
How EDC Helped
EDC has long been a financial partner to Valiant through the provision of bank guarantees, as well as providing Accounts Receivable Insurance. “One of the most valuable support mechanisms EDC provided to us during the financial crisis was when two of our customers filed for bankruptcy,” says Nick Sauro, CFO. Sauro notes that Valiant had millions of dollars outstanding with these troubled customers, and EDC’s insurance was critical in mitigating risk and backstopping the company’s credit facilities. In 2011, Valiant also participated in an EDC-sponsored trade mission, which helped the company to grow its relationship with Ford Motor Company.
Valiant has developed a global growth strategy to bring their business in closer proximity to their customers, providing engineering, project management, and support. It is currently looking at new markets in South Africa, Thailand and Brazil. “As our business continues to grow globally, it’s a great feeling to have a partner like EDC,” says Solcz. “They continue to demonstrate a genuine and keen interest in what we are doing, where we wish to go, and they assist us in getting there.”