Industrial Grade Storage Systems Manufacturer’s Success Story
When an industrial grade storage systems manufacturer faced steep declines in sales and rising foreign competition, they turned to MATAAC for help. What followed was a powerful turnaround, fueled by strategic planning, federal funding, and expert support through the TAAF program.
Challenges
When this Industrial Grade Storage Systems Manufacturer sought the assistance from MATAAC, their eligibility to participate in the TAAF program was established by identifying an overall decrease in sales by 16.44%, a decrease in employment by 5.43% within a 12 month period.
In addition, imports of similar and like products had increased by over 4.60%. Imports primarily entered the US from China (42.7%), Vietnam (8.8%), Mexico (9.8%), and Canada (18.0%) while Other Countries (20.7%) provided the balance of the imports. Petition Certification as Trade Impacted Manufacturer was approved.
Solutions
With Petition Certification, MATAAC was able to prepare this Industrial Grade Storage Systems Manufacturer’s Business Recovery Plan.
After working in partnership with the client-firm’s management team, a complete diagnostic review, SWOT analysis, and other key business improvement strategies were reviewed and a Business Recovery Plan was developed.
Technical assistance was requested and approved for Marketing & Sales Upgrades, Support System Improvements and Production Projects. The client-firm received $120,000 of project implementation. MATAAC paid $60,000 in cost-shared federal funds directly to the client-firm’s consultants, on their behalf as a participating client-firm in the TAAF program. Specific projects included but were not limited to:
- EPICOR ERP installation and customization projects
- Website improvement
- Search engine optimization projects, sales improvement process projects and employee training.
Success Story
At completion of the TAAF Program with MATAAC’s assistance and partnership during 5 years of project implementation, this Industrial Grade Steel Storage Systems Manufacturer was already experiencing their business recovery (in real time) and realizing their success in the TAAF Program.
- Sales increased over $14 million dollars (109.56% Increase in sales)
- Added 56 employee jobs (70.89% increase in employment)
- Over a $1.86 million increase in Operating Profits after reporting Operating Losses during TAAF Program Petition Development and Certification.
How MATAAC Serves Mid-Atlantic Manufacturers
This exciting success story is just one of many examples of how a company successfully recovered and thrived through MATAAC’s expertise and funding support through the TAAF program.
For over five decades, MATAAC (MidAtlantic Trade Adjustment Assistance Center) has helped manufacturers tackle trade challenges, regain competitiveness, and boost profitability. MATAAC provides solutions to manufacturers located in Delaware, Maryland, Pennsylvania, Virginia, West Virginia, and Washington D.C. MATAAC has been chartered by the Economic Development Administration of the U.S. Department of Commerce with responsibility for the management of Trade Adjustment Assistance for Firms (TAAF) program. The TAAF program is a crucial resource that supports businesses in navigating global market shifts. With TAAF resources, MATAAC was able to help this manufacturer overcome trade challenges.