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EXIM Support Creates Six New Jobs for Montana Business

Exporter/Customer: 
Diversified Plastics, Inc.
Export Destinations: 
Singapore
EXIM Bank Product: 
Export Credit Insurance
Jobs Supported: 
Six

Diversified

Diversified Plastics, Inc. of Missoula sells non-metallic components for clarifying tanks in water treatment facilities. This 51-person company was founded in 1976 and is family-owned, second generation.

EXPORT CHALLENGE

The General Manager, Wendy Koster, had a concern about nonpayment by an international customer as the company had no export sales. She then discovered EXIM Bank via the U.S. Commercial Service and the Montana Department of Commerce.

EXIM SOLUTION

In 2015, Diversified obtained an EXIM Multi-Buyer Express Export Credit Insurance policy through broker Brett Tarnet Insurance Services. The policy covers up to 95% of the sales invoiced and allowed the company to extend credit to its two Singapore customers.

RESULTS

With exports comprising 10% of Diversified Plastics’ total sales, EXIM supports at least six jobs. EXIM has covered $1.1 million of the company’s export sales during the 2015 to 2017 period.

"We plan to continue to utilize this credit insurance. As our customers’ orders have increased and they have demonstrated payments, their credit limits have increased. This has allowed us to manage a higher level of sales with security of payment."
Wendy Koster, General Manager