Tremcar Inc signs vendor finance agreement with Element Financial
TORONTO--Tremcar Inc, Canada's leading manufacturer of tank trailers signed a comprehensive vendor finance agreement with Element Financial.
The multi-year agreement provides Element with the opportunity to offer point-of-sale equipment financing to Canadian customers of Montreal-based Tremcar which manufactures custom-made stainless steel and aluminum tank trailers used in a wide variety of industries from food transportation to energy development. In addition to providing equipment financing solutions to Tremcar end users, as part of the agreement, Element has provided Location Tremlease Inc. with a fleet financing facility to increase the number of tank trailers that Tremcar's affiliate rents to customers.
"We have had an informal relationship with Tremcar for some time and have grown to understand the financing needs of their customers," noted Todd Hudson, Element's Executive Vice President. "This formal vendor finance agreement is a natural extension of this relationship and provides Element with access to a high quality customer base acquiring a best-in-class asset," added Mr. Hudson.
"This agreement provides Tremcar and Location Tremlease customers with direct access to innovative and effective equipment financing solutions from Canada's largest independent finance company," noted Jacques Tremblay, Tremcar's Chairman.
The domestic tanker market continues to grow at a rapid pace. As the leading Canadian manufacturer of a full line of tanker trailers for the chemicals, food and petroleum distribution industries, Tremcar is well positioned to participate in this growth. Approximately 70 percent of Tremcar's production is sold in Canada, with the remaining 30 percent sold in the US. Element anticipates expanding Tremcar's vendor program into the US market once the Canadian facility is fully deployed across Tremcar's domestic operations.
With sales and distribution operations across Canada and the US, and manufacturing facilities in Quebec, Ontario (under the Hutchinson trade name) and Ohio, family-owned Tremcar was founded in 1962 and has grown to become a leading manufacturer of tank trailers for the North American market. Its product line includes stainless steel and aluminum tanks trailers used in a wide variety of industries for the transportation of liquids and dry bulk materials. Location Tremlease provides short and long term rental services to Tremcar's customers in Canada.