Thermoformed Plastic Components Manufacturer’s Success Story
When a thermoformed plastic components 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 Thermoformed Plastic Components Manufacturer sought the assistance from MATAAC, their eligibility to participate in the TAAF program was established by identifying an overall decrease in sales by 44.31% and a decrease in employment by 32.08% within a 6 month timeframe.
In addition, during the same 6 month period, imports of similar and like products had increased by over 8.83%. Imports primarily were entering the US from China, Canada, Mexico, Japan and Korea. Petition Certification as a Trade Impacted Manufacturer was approved.
Solutions
With Petition Certification, MATAAC was able to prepare this Thermoformed Plastics Component 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:
The client-firm received $150,000 of project implementation with $75,000 cost-shared federal funds from MATAAC through their participation in the TAAF program. Specific projects included but were not limited to: CRM implementation, ISO9001 Quality Management, MasterCAM software training, Strategic Marketing Development, Sales System Development, Sales Process Development and Automotive Sales Development.
- Marketing & Sales Upgrades,
- Managerial Finance Upgrades
- Systems Upgrade
Success Story
Two years after completing the TAAF Program with MATAAC’s assistance, this manufacturer that custom designs thermoformed plastic components to customers specifications was able to report:
- $2.8 million dollar increase in sales (92% increase in sales),
- 25% increase in employment, adding 6 new employees to production, and
- Over a $500,000 increase in operating profits, after experiencing operating losses for two years.
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.