Fluid Power Cylinder and Actuator Manufacturer’s Success Story
When a fluid power cylinder and actuator 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 Fluid Power Cylinder and Actuator 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 33.60% and qualifying employment decreased by 6.83%..
In addition, imports of similar and like products had increased by 16.13% during the same 12 month period. Petition Certification as Trade Impacted Manufacturer was approved.
Solutions
With Petition Certification, MATAAC was able to prepare this Fluid Power Cylinder and Actuator 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 Manufacturing Productivity Upgrades, Financial, MIS, Marketing and Sales System Improvements. The client-firm received $95,000 for project implementation. MATAAC cost-shared $47,500 in federal funds in the implementation of identified improvement projects. Specific projects included but were not limited to:
- Strategic Planning
- Web Based Marketing
- Plant Management projects
Success Story
At completion of the TAAF Program with MATAAC’s assistance and partnership during 2 years of project implementation, this Fluid Power Cylinder and Actuator Manufacturer was already experiencing improved performance metrics.
- Sales increased over $1.3 million dollars (71.80% Increase in sales)
- Increased employment by 8 production positions (43.38% increase in employment)
- Operating Profits improved over $1.7 million dollars 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.