Exporter: Superior Products, LLC – Cleveland, Ohio
Destination: Mexico, Canada, and Middle East
Jobs Created: 3
Exports Supported: +145% over 2010
Superior Products, LLC, manufactures compressed gas fittings, and related products. Their gas fittings are used in beer dispensers and oxygen gas tanks for hospitals. The company wanted to start exporting and struggled in the beginning of this process to access necessary financing. Then, Superior acquired a $200,000 Ex-Im Bank short-term, multi-buyer policy to extend credit to international buyers. This allowed them to build relationships with buyers in Canada, Singapore, Brazil and Mexico. In particular, the ability to extend credit helped Superior enter the Brazilian market.
The company was referred to Ex-Im Bank's products from the U.S. Department of Commerce when MAT sought to expand its foreign sales. With the Bank's multi-buyer insurance policy, obtained in August, 2011, the company entered new markets with confidence as they were able to extend favorable credit terms to its buyers and also not be overly concerned about buyer nonpayment. Furthermore, MAT is now able to access more attractive financing with the exporter's lender by using its insured foreign receivables as additional collateral.
Export sales for the company have grown to 6 percent of total sales and increased more than 145% over exports in 2010. Also, Superior Products has recently added three jobs due to these new sales and is now pursuing customers in China.
"The Ex-Im insurance is a good sales tool in opening doors to foreign markets," said Greg Gens, the Executive Vice President. "We feel more comfortable by extending credit."