Ex-Im Bank Helps Wisconsin and Missouri Businesses Win Export Sale for Turkish Hydro-Electric Dam Project
By Export-import Bank Of The United States, PRNEMonday, September 27, 2010
WASHINGTON, September 29, 2010 - Three Midwestern businesses have exported US$9.4 million of concrete
transportation and placement equipment to Turkey for a hydro-electric dam
project, and created U.S. jobs in the process, backed by insurance from the
Export-Import Bank of the United States (Ex-Im Bank).
Maxon Industries Inc., Milwaukee, Wisc. and Marco Solutions (Continental
Manufacturing Group), St. Louis Mo., both small businesses, and Putzmeister
America, Inc., Sturtevant, Wisc., sold the equipment to The Dogus Group, a
civil works contractor in Istanbul. Dogus will use the equipment for the
Booyabat Hydro-Electric Dam Project on the Kizilirmak River in Turkey.
"This transaction and several other export sales over the past two years
have allowed us to increase our workforce by seven people to a total of 29
employees," said Bill Maxon, president and CEO of Maxon Industries and son of
its founder. "Without the support of PNC Bank and Ex-Im Bank, the transaction
would have been tough to complete. They enabled us to win out over foreign
competitors that had the support of their governments' export credit
agencies."
Maxon Industries initiated the sale and introduced the export opportunity
to Marco Solutions. Ex-Im Bank's Midwest Regional Office provided The Dogus
Group with indicative financing quotes and the company selected that of PNC
Bank, Pittsburgh, Pa., which became the insured lender. All of the equipment
has been shipped to the site and is up and operating.
"This transaction reflects two key Ex-Im Bank priorities," said Ex-Im
Bank Chairman and President Fred P. Hochberg. "Turkey is one of nine
countries Ex-Im Bank is targeting because of the extraordinary opportunities
it offers U.S. exporters. We also are widening our reach to help even more
U.S. small businesses grow and add jobs by exporting."
"We'd like to do more medium-term business in the Turkish market," said
Juan Francisco Correa, PNC Bank Vice President of Structured Trade Finance.
PNC Bank is the largest user of Ex-Im Bank medium-term products in terms of
transaction volume. In the first 11 months of fiscal 2010 (through August
2010), Ex-Im Bank authorized US$21.5 billion in loans, guarantees and
insurance to support U.S. exports to markets around the world, in the process
supporting 200,000 American jobs.
Ex-Im Bank, an independent, self-sustaining federal-government agency,
helps create and maintain U.S. jobs by filling gaps in export financing and
strengthening U.S. export competitiveness. The Bank is the official export
credit agency of the United States. It provides a variety of financing
products, including working capital loan guarantees to help small and
medium-sized U.S. businesses, export-credit insurance to protect against
nonpayment by foreign buyers, and loan guarantees and direct loans to assist
foreign buyers of U.S. goods and services.
For more information, including how to access the Bank's export
financing, see Ex-Im Bank's Web site at www.exim.gov, or call
+1-312-353-8081 to reach Ex-Im Bank's Midwest Regional Office.
Marianna Ohe of Export-Import Bank of the United States, +1-202-565-3206
Tags: District of Columbia, Export-import Bank Of The United States, September 29, Turkey, Washington