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Ex-Im Bank Export Insurance Saves Jobs at Hoffman Equipment in Piscataway, NJ
Exporter: Hoffman Equipment – Piscataway, New Jersey Destination: Worldwide – over 80 countries Export Credit Insurance Jobs Created: 15
Exporter: Hoffman Equipment – Piscataway, New Jersey Destination: Worldwide – over 80 countries Ex-Im Bank Product: Export Credit Insurance Jobs Created: 15 Hoffman Equipment is a third-generation construction equipment company with deep ties to the New York metropolitan area. In 1920 Bill and Harry Hoffman purchased their first truck and founded Hoffman Motor Transportation to deliver roofing material for installers. During the '60s and '70s, the company began expanding internationally by delivering packages for construction projects overseas, so that all the vehicles and machines required for a project could be purchased and shipped from one single source. Hoffman Equipment now exports to 80 countries, especially in sub-Sahara Africa, the Middle East, Latin America and Russia. Total export sales represent 20% of this $80 million major dealer and distributor of large U.S. manufactured equipment. The company has been a customer of Ex-Im Bank for over ten years and attributes most of its export growth to this financing. In fact, in the spring of 2010 Hoffman's export credit insurance agency suddenly cancelled its policy, jeopardizing international sales. To address this problem, the company obtained Ex-Im Bank financing to cover pending transactions and, as a result, protected 15 jobs. Using its Ex-Im Bank policy, Hoffman also anticipates signing a $50 million deal with a buyer in Cameroon for 151 pieces of equipment; the project will support 65 existing jobs and create 41 new jobs. "The Bank's insurance gives me peace at night, said Senior Vice President Ms. Musya Tumanyan. Financing is critical to our business and Ex-Im Bank saved the company during the recession. The insurance allowed us to offer credit terms to our customers – that was the competitive edge."