Molded Fiber Packaging Materials Manufacturer’s Success Story
When a molded fiber packaging materials 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 Molded Fiber Packaging Materials Manufacturer sought the assistance from MATAAC, their eligibility to participate in the TAAF program was established based upon:
- Sales had decreased by 5.39%
- Employment figures had decreased by 12.29%
- Imports of similar and like products had increased by 24.14%during the same period
Petition Certification as Trade Impacted Manufacturer was approved.
Solutions
With Petition Certification, MATAAC was able to prepare this Molded Fiber Packaging Materials 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, Production and Support System 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. Most of the projects implemented were firm specific projects relating to the firm’s manufacturing processes.
Success Story
One year after completion of the TAAF Program with MATAAC’s assistance, this Molded Fiber Packaging Materials Manufacturer experienced the following improved performance metrics.
- Sale increased by $3.73 million dollars ( a 38% increase)
- Employment increased by an additional 13 positions added (18.57% increase)
- Operating profits improved by 202.86%
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.