Woodworking Machinery Manufacturer’s Success Story
When a woodworking machinery 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 Woodworking Machinery Manufacturer sought the assistance from MATAAC, their eligibility to participate in the TAAF program was established based upon
- 29.79% of its workforce had undergone total separation compared to the previous 12 months.
- Overall sales decreased by 57.54% within the same period.
- Imports of similar and like products had increased by 1.01% 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 Woodworking Machinery 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 Systems 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:
- Marketing Plan and Research
- Sales Process Evaluation
- Firm specific process improvement projects
Success Story
After completion of the TAAF Program with MATAAC’s assistance, this Woodworking Machinery Manufacturer experienced continued growth in sales and operating profits over a three year period. Within three years, .
- Sales increased over $6.8 million dollars over at-certification metrics.
- Operating profits increased over $3 million dollars after reporting losses at 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.