Conveyor & Material Handling Equipment Manufacturer’s Success Story
When a conveyor & material handling equipment 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 Conveyor & Material Handling Equipment Manufacturer sought the assistance from MATAAC, their eligibility to participate in the TAAF program was established based upon the TAAF program’s qualifying sales and employment requirements. During a 12 month period, qualifying sales decreased by 36.08% and qualifying employment decreased by 8.19% within the same 12 month period compared to the previous 12-month period.
In addition, imports of similar and like products had increased by 47.08% during the same 12 month period compared to the previous 12-month period. Petition Certification as Trade Impacted Manufacturer was approved.
Solutions
With Petition Certification, MATAAC was able to prepare this Conveyor & Material Handling Equipment 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 Managerial Finance, Marketing, Sales, and Production improvement projects. The client-firm received $150,000 of project implementation. MATAAC cost-shared $75,000 in federal funds in the implementation of identified improvement projects. Specific projects included but were not limited to:
- ISO
- Digital Marketing
- Website Design and Development
Success Story
At completion of the TAAF Program with MATAAC’s assistance, this Conveyor & Material Handling Equipment Manufacturer was already experiencing improved performance metrics.
- At completion of the TAAF Program, this manufacturer experienced:
- Sales increased over $3.5 million dollars (37.08% Increase in sales)
- Operating Profits improved over $2.2 million dollars after reporting Operating Losses during TAAF Program Petition Development and Certification.
- First year after Program Completion:
- Sales increased over $2.4 million dollar over previous year’s totals
- After 2 years post completion this manufacturer experienced total performance metrics over At-Certification figures of;
- Sales Increased over 13.4 Million dollars (a growth of 141.86%)
- Employment grew by 8 newly created positions ( a growth of 27.58%)
- Operating Profits grew by $2.5 Million dollars after at-certification losses
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.