When you are a two person company you cannot afford an attorney for not being paid, especially when your first international buyer is more than 6,400 miles away! The owners of PSA Laboratory Furniture Inc. of New Berlin, Wisconsin, worked with one of EXIM's brokers, Trade Acceptance Group, to quickly obtain the Bank's Express Insurance. The fast processing covered PSA so they could close their first sales opportunity in South Korea.
PSA is a full service laboratory design, sales and installation firm. Its products include laboratory furniture, laboratory furniture fume hoods, laboratory countertops, laboratory faucets and fixtures, floor cases, laboratory casework and a complete line of accessories. Initially, the Bank's insurance policy was put in place in 2014 to support PSA's $185,000 sale to Hyundai Engineering & Construction.Hyundai Engineering & Construction is the main contractor on new aluminum plant being built in Saudi Arabia and PSA Laboratory Furniture was selected to design the quality control lab and provide fume hoods to the new laboratory.
The contract with Hyundai Engineering & Construction expanded to $820,000. PSA is now outfitting the laboratory with furniture sourced from partner suppliers in the United States. Owners Phil Smiley and Mike Worth have hired two project managers and plan to hire one more before the end of the year. The newly hired project managers will focus on servicing the United States market as Phil and Mike are being engaged in more international sales, which is fueling the company's growth.