Exporter: Pace Products International – Bucyrus, Kansas
Destination: Iceland, Saudi Arabia, Mexico
Ex-Im Bank Product: Multi-Buyer Export Credit Insurance
Jobs Supported: To add 2
Pace Products International, of Bucyrus, Kansas, was established in 1973 and has 25 employees. The company is a manufacturer of environmentally beneficial commercial and industrial roof coatings and cements. Pace had layoffs in production during the economic crisis but a recent expansion in international sales has stabilized the company.
Its products are used in 30 countries and many were requesting credit terms. Ex-Im Bank's short-term multi-buyer insurance policy allowed Pace to extend credit up to 180-day. The Bank has supported $1.9 million in international sales from 2007 with a 20 percent increase in 2010 over 2009. Pace has a number of customers who buy again, and more quickly, because they know they can get credit. Exports now comprise 25 percent of Pace's total sales and the company is adding staff to handle the extra volume.
"The initial impact of the Ex-Im Bank insurance was to provide us with confidence to extend credit to overseas buyers, which resulted in increased exports," said John Fry, President and CEO.