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Egypt Transaction Helps Manufacturer Get Back on Track
Construction
A year after 2009 layoffs, Morrison Textile Machinery says a $7 million foreign deal - made possible by the Export-Import Bank - could mean the company doubles its exports this year and maintains or increases the size of its workforce.
Exporter: Morrison Textile Machinery Co. - Fort Lawn, SC Destination: Egypt Transaction: Buyer Financing: Loan Guarantee Export Sales: $7 million A year after 2009 layoffs, Morrison Textile Machinery says a $7 million foreign deal - made possible by the Export-Import Bank - could mean the company doubles its exports this year and maintains or increases the size of its workforce. With this significant sale, the South Carolina-based Morrison will provide textile manufacturing equipment to an Egyptian company that's opening a denim production facility. The Export-Import Bank's financing helped the customer handle the large scale of the project and provide Morrison with much needed revenue. "Ex-Im Bank's guarantee helped the customer justify the scale of the project," said Morrison President John Morrison White, Jr., great-grandson of the company's founder. "We are exporting two different textile manufacturing systems to the Egyptian plant at one time. Usually a client orders a single system and then a year later maybe orders again. This double-size sale will have a big impact on our business."