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Missouri Company Discovers New Export Opportunities with EXIM Insurance

Exporter/Customer: 
Western Forms Inc
Export Destinations: 
Mexico, India, and Colombia
EXIM Bank Product: 
Export Credit Insurance
Export Sales ($): 
$3 million
Jobs Supported: 
9

cast-in-place concrete building constructio

Western Forms, Inc., a Kansas City company, manufactures aluminum forming systems that are used in residential and commercial cast-in-place concrete building construction. Since being established in 1955, the company grew to more than 300 employees. Yet due to the severe impact from the global economic slowdown in the construction industry in 2008, employment shrank to less than 70 employees.

EXPORT CHALLENGE

Western Forms needed protections agains the risk  of foreign buyer nonpayment.

EXIM SOLUTION

EXIM approved Western Forms for a $2 million short-term exoirt credit insuarnce polity to enter new marketplaces. The insurance covers "open account" credit terms for its buyers as well as protects against the risk of buyer nonpayment. Daniel Ward, the company's International Operations Manager, learned about export credit insurance by attending an EXIM Bank exporter forum in Kansas City.

RESULTS

With the Bank's insurance, Western Forms has been able to increase its sales to emerging markets in Africa, the Middle East, Asia, Europe and North, Central and South America. Employment has now rebounded to more than 100 employees. EXIM has supported over $20 milion of the company's export sales during 2016 to 2018.

"EXIM Bank support is required by small family-owned companies like Western Forms. We rely on EXIM to help us manage the risk of extending credit to buyers outside the USA. With 60 percent of our sales coming from foreign markets, this support is not optional, it is mandatory. We have used EXIM since 1995 to increase employment opportunities and expand future growth."
Daniel Ward, International Operations Manager