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Ex-Im Bank's Working Capital Provides Cleveland Firm with Cash Flow to Grow Export Sales
Mon, 2012-04-16 15:00

Exporter: A.J. Rose Manufacturing Company - Avon and Cleveland, Ohio
Destination: Germany, Mexico, Canada, Brazil and China
Jobs Supported: 19
Exports Supported: $2.7 million
Lender: PNC Bank

The A.J. Rose Manufacturing Company was founded in 1922 by Czech immigrant, Anton J. Rose. What started as a small tool shop on the west side of Cleveland, Ohio, has grown into a leading supplier of precision-formed metal products and assemblies to the automotive, truck, and agricultural equipment industries. The company now has facilities in Cleveland and Avon, Ohio. Their parts can be found on car engines across the world.

To expand, the company needed the cash to protect its cash flow availability while growing sales to their Original Equipment Manufacturers (OEMs), especially those in Germany, Mexico, Canada and China. With Ex-Im Bank's Lender Loan Guarantee, PNC Bank was able to provide A.J. Rose Manufacturing with the three-year revolving, $1.5 million working capital loan. Export sales for 2011 are expected to be $15 million (+16% over last year) in exports. These international sales support Ohio jobs and resolved a potential cash flow problem.

"The Ex-Im line we established has proved to be a cost effective mechanism to provide cash flow availability under our current financing arrangement. This facility has allowed us to grow our export business without an impact to our operating line availability," said Douglas E. Krzywicki, Chief Financial Officer.