Underground fiberglass tank producer Beluga Composites Corp. has lined up financial backing to help it expand in Asia.
The funding guarantee will help Beluga, based in Montreal, to double the production capacity of its existing operation in Taguig City, the Philippines, and one soon to open in Vadodara, India.
Beluga's underground tanks are used mainly for petroleum products storage. It claims its tanks made by filament winding are stronger than ones made by spray-up technology. Beluga also makes related accessories.
Beluga has a production plant in Montreal and plans to open another in the United States, according to the firm's Web site.
The company said in a Nov. 3 news release that it is under pressure to open plants in two more Far East countries, but no official was available to provide details.
Beluga said it received a financing commitment from Alps Resources Bankers Inc. worth US$10 million. Alps, based in Palm Beach, Fla., will guarantee the funds through Deutsch Bank for five years.