Middleton manufacturer grows and creates jobs with Export-Import Bank investments
On day of reauthorization deadline, Baldwin brings attention to the importance of Export-Import Bank for Wisconsin manufacturing economy
WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin visited Fristam Pumps USA in Middleton, the day the Export-Import Bank is set to expire due to inaction by the Republican Majority in the Senate. The innovative Wisconsin manufacturer has created jobs and economic growth with the support of Export-Import Bank investments.
Senator Baldwin has called for a long-term reauthorization of the Export-Import Bank and traveled the state to highlight the issue. Yesterday, she visited Appvion Inc., a manufacturer in Appleton and earlier this month she visited Prolitec, Inc. in Milwaukee.
“When American businesses have a level playing field, they can compete against anyone. The Export-Import Bank is an important tool that helps us create that level playing field, bringing fairness to global trade and supporting American businesses so they can create jobs and grow,” said Senator Baldwin. “Fristam Pumps is a great example of a Made in Wisconsin business here in Middleton that has exported goods with help from the Bank. Reauthorizing the Export-Import Bank as soon as possible is a commonsense way to strengthen our Wisconsin economy and ensure American competitiveness.”
"The Export-Import Bank has provided Fristam Pumps USA with credit insurance for many years. As our exports continue to grow and become a substantial segment of our business, Ex-Im Bank has given us the confidence to explore new sales opportunities," said Pete Herb, President of Fristam Pumps USA. "Exports are critical to our long-term growth strategies. We applaud Senator Baldwin for her strong support of the Export-Import Bank in Congress."
Authorization of the Export-Import Bank is set to expire Tuesday, yet the Republican controlled Senate has failed to take action before the deadline. The Export-Import Bank is not only a vital export tool for small businesses, but an important tool for deficit reduction that returned $675 million to the U.S. Treasury last year.
Since 2007, the Export-Import Bank has supported 27,131 Wisconsin jobs by helping 218 Wisconsin businesses, including 128 small businesses, export $5 billion worth of goods and products made in Wisconsin. In 2014 alone, the Export-Import Bank supported $210.2 million of Wisconsin exports, 46% of which were from small businesses. In 2014, the Export-Import Bank supported 3,340 small-business transactions, $27 billion in total U.S. export sales and 164,000 jobs.
Fristam Pumps designs, manufactures and assembles stainless steel pumps, blenders and mixers in Middleton. Their products are used by beverage, brewing, bio-pharmaceutical and food processing companies throughout the world. Exports account for about 20% of their current business. Export-Import Bank investments and credit insurance allows for Fristam Pumps to continue growing and expanding their export efforts.
Fristam Pumps is joined by 20 other south central Wisconsin businesses that have exported a total of $600 million worth of goods around the world since 2007 with support of the Export-Import Bank. In 2014 alone, Middleton and Madison manufacturers such as Applegate Auto, General Electric Healthcare, Simtec Silicone, Death's Door Distillery, and Surgical Acuity have received support from the Export-Import Bank.
In 2014, the Export-Import Bank supported 3,340 small-business transactions, $27 billion in total U.S. export sales and 164,000 jobs. Congress has until Tuesday, June 30th to extend the agency charter to avoid its expiration. Senator Baldwin has called for a long-term reauthorization of the Export-Import Bank and is a strong supporter of Wisconsin’s manufacturing sector.