Exporting Fasteners from the ‘Technology Belt’
FEATURE
Lisa J. Kleinhandler
MEDIA SPOTLIGHT — A new public-private partnership is helping at least one fastener company find growth by tapping overseas markets.
The Williamson College of Business Administration at Youngstown State University in Ohio has partnered with the International Trade Assistance Center to help local businesses reach foreign markets, VINDY.COM reports.
While expanding into foreign markets can’t be accomplished quickly — typically the process takes up to two years — the prospects for success are strong.
“Ninety-five percent of available customers are located outside of the United States,” YTAC advisor Mousa Kassis told VINDY.COM. “If the U.S. economy were a 747 jet, then exports would be one of its four engines, and that engine has been leaking for the past 40 years.”
And the benefits go beyond top-line growth.
Companies that export their products tend to be more productive and pay their workers 15% more on average than those who limit their business to domestic customers.
Last November Hudson Fasteners participated in the U.S. Small Business Association funding E200 program.
The program provides more than 40 hours of advanced management training through a collaboration of the SBA Cleveland District Office, the City of Youngstown Department of Economic Development and the Ohio Small Business Development Center at YSU.
Hudson Fasteners CEO Lisa J. Kleinhandler told VINDY.COM that the program helped her company create a growth action plan. A key strategy of that plan was to increase Hudson Fasteners’ export business.
Hudson Fasteners and other local business are helping transform the “Rust Belt” into a “technology belt,” Kleinhandler stated.
Founded in 1946, Hudson Fasteners distributes standard and special fasteners for OEMs and end-users, and is located at 35A Washington Ave., Bay Shore, NY 11706. Tel: 631-586-7300 Web: hudsonfasteners.com
Editor’s Note: Articles in Media Spotlight are excerpts from publications or broadcasts which show the industry what the public is reading or hearing about fasteners and fastener companies. ©2012 GlobalFastenerNews.com
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