Author Archive

Exporters for Ex-Im:Mint Oil Maker Wants Ex-Im Bank Reauthorized

Terry Cochran didn’t know it at the time, but growing up on a mint farm helped prepare him for his career.

Mr. Cochran and his brother run Norwest Ingredients in Royal City, Wash., a 15-person company that makes mint and other oils used in gum, confection and a range of oral care products from mouthwash to toothpaste. They buy mint oil from farms around the country and process it to ensure it’s safe and of high quality before selling it in giant barrels that cost more than $10,000.

He and his brother started the company in 1998 and started exporting shortly thereafter. They’ve gained enough credibility that they count toothpaste giant Colgate among their customers. But as they grew, getting financing from private banks was a problem.

“As we grew and more and more of our sales were overseas, our local banks began to get a bit uneasy about it because as you know once it’s overseas it can be hard to get paid,” Mr. Cochran said. So the company turned to the U.S. Export-Import Bank and has been using  Ex-Im loan guarantees for its customers ever since. Their sales have increased, on average, about 20% per year since they began exporting.

Norwest Ingredients is like the many other small firms that rely on the Ex-Im Bank when private banks aren’t willing or able to help them expand abroad. The Ex-Im Bank has supported 1.2 million jobs in the last five years, and those jobs could be at risk if Congress doesn’t reauthorize the Ex-Im Bank by the end of September.

Mr. Cochran doesn’t want to see that happen. If the Ex-Im Bank doesn’t get reauthorized, his sales will suffer.

And some of the company’s suppliers, including the employees and sons who work on mint farms like Mr. Cochran did as a kid, will suffer.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx.

VN:F [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)


Exporters for Ex-Im: U.S. Solar Cell Manufacturer Shines With Help of Bank

Suniva Inc., a metro-Atlanta based manufacturer of high-quality, high-efficiency crystalline silicon solar cells and modules, and the Export Import Bank (Ex-Im Bank) of the United States have been working together since 2007. Suniva has benefitted from the Ex-Im Bank’s buyer financing and working capital guarantees to support its exports to global markets.

Most recently, Suniva announced that Ex-Im Bank will guarantee a $780,000, 10-year loan to be made by UPS Capital Business Credit to finance the export of Suniva’s photovoltaic (PV) solar to a rooftop solar-power project of Grupo Metal Intra S.A.P.I. de C.V. (GMI). GMI Suniva Queretaro Airport 1MW 2014 02

“High-quality American solar products are coveted in many emerging markets. In these markets where there is an abundance of sun, and power is unreliable and/or expensive, solar power is particularly attractive,” said John Baumstark, chief executive officer of Suniva.

“It is critical for American companies to export to help strengthen our economy, and U.S. Ex-Im Bank has been instrumental in providing unique products that enhance the competitiveness of American companies around the world.  It is most fitting that the first major export and installation of our modules in Mexico is utilizing a guarantee from the U.S. Export-Import Bank with which we have a longstanding and valuable relationship,” said Baumstark.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx.

VN:F [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)


Exporters for Ex-Im: Washington Company Makes Springs Tough Enough For U.S. Military With Help Of Ex-Im Bank

Renton Coil Spring produces high quality, precision springs and assemblies that are tough enough for the U.S. military, aerospace equipment and race cars.

The company, based in Renton, Wash., exports 40% of its products internationally, said Bob Newberry, Vice President of Sales and Engineering.

Renton Coil Spring is one of the thousands of small and mid-sized companies that uses the Ex-Im Bank to grow and keep jobs local. The Ex-Im Bank has supported 1.2 million U.S. jobs in the last five years and in 2013 returned $1 billion to the U.S. Treasury Department.

It’s up for reauthorization September 30th. If it isn’t reauthorized, then U.S. manufacturers like Renton Coil Spring will RENTON EMPLOYEESbe put at a disadvantage.

Mr. Newberry said the Ex-Im Bank “has helped us to grow these exports by enabling us to insure our exports and lower the risk of developing new foreign customers.”

He said some of the company’s products are so unique that no other business makes them.

“Our products are installed into prosthetic limbs in Iceland, mountain bikes in Chile, landing gear in China, Industrial equipment in India and Formula One cars in Italy,” he said.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx

VN:F [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)


Exporters for Ex-Im: A Small Georgia Manufacturer Looks To Grow Overseas

The custom boiler systems that Dennis Dauphin’s company makes can burn just about anything, and that’s why their boilers are in high demand around the world.

HURST BIOMASS BoilerMr. Dauphin is international sales manager for Hurst Boiler Inc., a 250-employee company in Georgia that exports about 50 percent of its boiler systems overseas –many with the help of the U.S. Export-Import Bank. The company can burn biomass, natural gas, and anything else to help heat office parks, universities and hospitals.

Hurst Boiler represents just one of the [thousands] of small and medium-sized businesses that look to the services provided by the Ex-Im Bank to compete abroad and keep jobs local. Ex-Im has supported about 1.2 million jobs over the last five years and those jobs are at stake if Congress doesn’t reauthorize the bank by the end of September.

While politicians in Washington argue over whether the Ex-Im Bank should exist at all, Mr. Dauphin “would like to see a much more vigorous export program.”

Facing a tough domestic market, Hurst Boiler has to compete with companies around the world, many of whom have export credit financing of their own.

“The domestic market is shrinking because of the economy and a lot of the Environmental Protection Agency regulations have hurt,” he said.

He said there’s more opportunity for the company to expand abroad in places such as Mexico and Chile.

He said if the Ex-Im Bank were reauthorized, and changed so it is more user friendly, the company could easily double its business and would be able to build another factory and increase hiring in the United States.

“The opportunity to move and sell these products is incredible,” he said, “we just need the financing that Ex-Im provides.”

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx

VN:F [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)


Exporters for Ex-Im: Small Seattle Firm Helps Save Lives With Ex-Im Bank

In Seattle sits a small company that helps save lives in 65 countries.

Simulab Corp. helps doctors in training get familiar with all the delicate intricacies of performing life-saving procedures before they operate on an actual person. The company makes by hand anatomical models for training physicians that can be sold throughout the world because the U.S. Export-Import Bank is able to offer credit guarantees to its customers.

SimulabPhoto2Dave Garland, Vice President of Sales at Simulab, said he has personally sent letters to lawmakers in Washington State to urge them to reauthorize the Ex-Im Bank, which will expire if Congress doesn’t act by September 30. Without the Ex-Im Bank, Mr. Garland said his company’s sales abroad in places like the Middle East, Europe and Latin America will suffer.

And yet Simulab is just one of the hundreds of small and mid-sized firms that rely on the Ex-Im Bank to expand abroad and keep jobs in the United States. The Ex-Im Bank has supported 1.2 million jobs in the United States in the past five years.

Simulab has about 75 employees, and Mr. Garland said the company started using the Ex-Im Bank in 2011. Since then, Simulab has more than tripled its sales abroad.

Mr. Garland said the models his company makes are time- and labor-intensive to manufacture. Because the demands for anatomical accuracy are important to the success in teaching physicians, their models are handmade and require skilled employees with an attention to detail.

He said the company wants Ex-Im Bank reauthorized so Simulab can continue to support its employees and grow.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx

VN:F [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)


Exporters for Ex-Im: Protecting the Responsible Growth of American Manufacturers

Providing the tools for developing countries to grow their agricultural ecosystem and feed their nation is a key mission of AGCO Corporation, an agricultural equipment manufacturer headquartered in Duluth, Georgia. Built on the core values of accountability, integrity, respect, team spirit and transparency, AGCO manufactures tractors, combines, sprayers, hay equipment and grain storage systems for customers across the globe.

Today, AGCO remains highly committed to responsible growth as they strive to conserve natural resources and protect the environment from harmful influences. Internally as well, growth of the business is first and foremost focused on cultivating a highly trained and motivated workforce and developing long-term career opportunities for all employees.AGCO

Approximately 80% of AGCO’s business is conducted outside of the United States, and part of this business utilizes the U.S. Export-Import Bank (“Ex-Im”) for the necessary financing to compete with their foreign counterparts in geographical areas like Africa, Asia and Eastern Europe where agriculture is rapidly developing. As the business grows, so do the jobs. With factories in Illinois, Kansas, Minnesota and Alabama, the company currently employs 5,700 Americans.

AGCO’s grain storage and protein production division, GSI, has actively used Ex-Im bank to bring grain storage solutions to emerging markets. In 2012 alone, Ex-Im bank facilitated the financing of more than $35 million in grain storage sales in Eastern Europe and GSI continues to approach Ex-Im for support in Africa and Asia, where local financing solutions can be difficult.

Michael Cully, Vice President of Government Affairs for AGCO says, “The Ex-Im Bank is a great benefit to Americans because it helps to grow jobs and allows U.S. companies to compete with their global counterparts in what is an active competitive market today – all while generating revenue.”

In fact, AGCO’s grain storage competitors across the northern border in Canada and are just as eager to grow their market share. “We hear consistently that the Canadian export credit agencies are easy to work with, and that matters to potential customers. If the Ex-Im Bank is not reauthorized, it would greatly complicate our ability to finance sales and jeopardize our ability to maintain and grow our international grain storage customer base. “ Cully continued.

As AGCO plans for future growth, the Ex-Im Bank is an important factor in ensuring their continued success. Unless Congress moves to reauthorize the Bank in September, the critical contributions companies like AGCO provide the U.S. economy will be at risk of benefiting our international competitors instead.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx

VN:F [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)


Exporters for Ex-Im: Washington State Manufacturer Helps Keep World On Same Note with Music Stands

Manhasset Specialty Company has been designing and manufacturing high-quality music stands and music accessories since 1935. Originally founded in Manhasset, NY, the small manufacturer moved to Yakima Valley, WA, in the early 1940s with an innovative mindset that has kept the company thriving.

Manhasset's most popular product, the Model 48.

Manhasset’s most popular product, the Model 48.

About 15 years ago, Manhasset decided it was time to start exporting its products to distributors overseas. However, the small business has struggled with competitive pricing as Manhasset’s music stands and accessories are still largely unknown in many other parts of the world.

For this reason, foreign wholesale customers are many times hesitant to buy products in large quantities without credit terms.  Particularly as they are trying to build brand awareness in such unknown markets, prepayment of large amounts is difficult.  Also, the shipping costs for smaller orders are higher, so if they don’t purchase larger quantities such as full containers, their shipping costs per music stand become another obstacle to their efforts to promote the “new” products.  The U.S. Export-Import Bank (Ex-Im) has been a critical tool in helping Manhasset to solve this problem.

Like many small manufacturers in the United States, Manhasset relies on the Ex-Im Bank strictly for its insurance policy which enables the company to offer competitive credit to international buyers and reduces nonpayment risk, by providing it protection of 95% of such credit amounts.  It should be noted that the company’s foreign buyers have never defaulted, but Manhasset still could not afford the credit risk without this insurance.

Manhasset President Barry Heid says the Bank’s guarantee has helped increase the company’s foreign sales by reassuring foreign buyers and also giving Manhasset the confidence to export its products into new markets.

“All businesses have to be looking at what we can do to protect ourselves; we went through a huge recession for which we are still feeling some of the affects,” said Heid. “We’ve got to have the ability to export our products to other places in the world to remain competitive and grow.  I am confused why anyone is against this program that enables many companies to prosper – and helps the balance of trade.”

In addition to the support the Ex-Im Bank provides to U.S. exporters, the Bank actually generates revenue for the U.S. Treasury at no cost to taxpayers.   The Ex-Im Bank is a win-win for American manufacturers and taxpayers.

“The only way Manhasset can continue to grow is to expand exports; and without Ex-Im’s support and protection this would be very difficult,” said Heid. “In addition, eliminating an agency that continuously helps to reduce our federal deficit is just bad policy.”   Heid also asked “Have those that may be considering not reauthorizing this program given thought to what they might cut from the federal budget to account for the loss of revenue if it is not reauthorized?”

Washington lawmakers need to stand up for American manufacturers and encourage international expansion by voting to reauthorize the Export-Import Bank’s charter.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx

VN:F [1.9.22_1171]
Rating: 4.0/5 (2 votes cast)


Exporters for Ex-Im: Leveling the Playing Field for U.S. Businesses

For more than 145 years, The Babcock & Wilcox Company has been dedicated to developing and producing innovative energy products for the advancement of American industry and national security. In 1865, cofounder Stephen Wilcox patented the first water tube boiler. Forty years later B&W’s water tube boilers would be used to power Teddy Roosevelt’s Great White Fleet, circumnavigating the globe and demonstrating America’s naval prowess to the world.

Today, the company has expanded their expertise to include nuclear, renewable, waste-to-energy and fossil fuel fired power generation technologies and employs over 12,000 workers across the world. Headquartered in Charlotte, NC, B&W’s commitment to advancing clean power technologies is rivaled only by their dedication to ensuring these same technologies are helping to bolster and maintain our country’s national security.

Through the services of the Export-Import Bank (Ex-Im), the company has gained access to customers in various parts of the world where Ex-Im financing is necessary and where they might not have had the opportunity otherwise.  Just as it does for thousands of businesses each year, the services the Bank provides have helped to support the firm’s growth and bolstered its international presence.

Paul Scavuzzo, Vice President and General Manager of   Babcock & Wilcox Power Generation Group’s Global Power Division, believes the Bank is a critical component of job growth in the U.S.

“Bringing national finance to any power plant project is often a pre-condition to bid,” Scavuzzo said. “If there were no Ex-Im, we would effectively be excluded from many contests.”

“Reauthorization of the Ex-Im Bank is critical not just for saving jobs in the U.S., but for sustaining them. Additionally, B&W has been impacted by policy that restricts the Bank’s ability to finance new coal projects overseas,” he said. “Concurrent with reauthorization of the bank’s charter, we’d like to see easing of restrictions on financing for coal plants. This could be part of a bi-partisan compromise on reauthorization.”

Historically supported by both sides of the political aisle, the Bank is a fundamental driver of American business and ultimately supports our reviving economy. This past year, the Bank sent more than $1 billion in revenue to the U.S. Treasury.  As the U.S. economy continues to move toward a recovery, Scavuzzo says, “pro-business is an ideal that deserves bipartisan support. Members of Congress should find areas of agreement in preserving the Bank’s important mission while protecting American commerce.”

As foreign competition grows, the Bank’s services are leveling the playing field and enabling U.S. businesses to benefit from a growing export business. Supporting thousands of jobs at no cost to the tax-payer, the Ex-Im Bank is an important tool for companies of all sizes as they embark upon the global marketplace.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx

VN:F [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)


Manufacturers Converge on Capitol Hill to Support Ex-Im Bank

Today, Manufacturers are converging on Capitol Hill for the second in a series of targeted Export-Import (Ex-Im) Bank Lobby Days organized by the NAM with other business associations to press for a timely reauthorization of the Ex-Im Bank. Participants will meet with nearly 50 Senate offices to talk about how the Ex-Im Bank helps grow exports, manufacturing and jobs.

As the official export credit agency of the United States, the Ex-Im Bank assists in financing U.S. exports from thousands of American companies and bolsters our global competitiveness. The Ex-Im Bank’s authorization is set to expire in September, and a lapse in authorization would be particularly harmful to small and medium-sized companies that use the bank as a vital tool to boost exports.

Click here to read the Shopfloor blog series Exporters for Ex-Im, which highlights the success of manufacturers that are using the Ex-Im Bank and growing exports and manufacturing from its programs.

Click here to read a new NAM Fact Sheet, and here to watch the latest installment of A Minute in Manufacturing focusing on why small and medium-sized manufacturers need Ex-Im Bank re-authorization.

VN:F [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)


Exporters for Ex-Im: Metals Manufacturer Invests in International Trade

Since 1966, Ampal Inc. has been a leading producer of atomized aluminum powders for customers in the U.S. and abroad. With offices in New Jersey and Pennsylvania, the company works with major smelters across the country to melt down aluminum and, through a process called atomization, produce aluminum powders that are used in the manufacture of a variety of products in the automobile, aerospace, chemical and explosives industries, just to name a few.

AmpalThough only an estimated 15 percent of Ampal’s customers are located overseas, the financial support provided by the Export-Import Bank enables the company to reach this burgeoning marketplace and provides the necessary capital to invest back into the firm. Through Ex-Im Bank’s insurance program, the company is able to receive higher advance rates on their accounts receivable, helping to increase their cash flow. This has enabled Ampal to expand into an international marketplace where they might otherwise not have had the working capital to do so.

If Ex-Im is not reauthorized this fall, Ampal’s corporate controller, Barry Schmutter believes it could have an effect on many facets of their operations. Schmutter said, “without Ex-Im reauthorization, there would be some decline in our working capital which could impact our supply chain, including our raw material suppliers, and our general ability to efficiently manage the ongoing costs of running the company.”

The company already faces a myriad of challenges when trading overseas including the higher costs of shipping from the U.S. versus the lower costs their competitors in the Middle East and Asia enjoy. For a company with 40 – 45 employees, any increase in business expenses and shift in their available working capital could have a significant impact on Ampal’s ability to continue to hire and to expand their services.

Despite the uncertainty surrounding the reauthorization of the Bank, Schmutter says Ampal will always do their best to continue to serve their long-time customers and their employees.  It is this never-ending drive to succeed that defines America’s small businesses and further proves why Congress should continue to support an organization that contributes to their success.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx

VN:F [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)


A Manufacturing Blog

  • Categories

  • Connect With Manufacturers

            
  • Blogroll