FOR IMMEDIATE RELEASE October 30, 2005
Phil Cogan (202) 565-3200
EXPORT-RELATED JOBS IN CONNECTICUT SUPPORTED by a $13 million Working Capital Loan Guarantee from Ex-Im Bank for Gerber Scientific, Inc. in South Windsor, Conn. Above, a worker completes the final wiring on a computer-controlled automated cutter used by apparel manufacturers around the world to accelerate the cutting process, maximize material utilization and control accuracy. (Photo: Gerber Scientific, Inc.).
Washington, D.C. --- A $13 million Working Capital Loan Guarantee approved by the Board of Directors of the Export-Import Bank of the U.S. (Ex-Im Bank) will help maintain the export-related jobs of U.S. workers at Connecticut-based Gerber Scientific, Inc.
The loan guarantee facility will support approximately $113 million in export sales of the company's products to Turkey, India and China.
We're pleased to be able to help finance Gerber Scientific's export-related manufacturing activities as they sell in the increasingly competitive global marketplace, said James H. Lambright, Ex-Im Bank chairman and president (acting).
Lambright noted that although Gerber Scientific was founded 57 years ago, this is the first time that Ex-Im Bank has provided export financing to the company.
Gerber Scientific, Inc., of South Windsor, Conn., is a technology-based manufacturer and provider of end-to-end customer solutions to the world's sign making and
APPROXIMATELY $113 MILLION IN EXPORTS by Gerber Scientific, Inc. will be supported by a $13 million Working Capital Loan Guarantee from Ex-Im Bank. Above, a worker assembles a precision component used in one of Gerber's systems for the automated manufacture of prescription eyeglass lenses. (Photo: Gerber Scientific, Inc.)
specialty graphics, apparel and flexible materials and ophthalmic lens processing industries. The company's buyers use Gerber's equipment and systems to produce a wide variety of end products such as signs, specialty graphics, apparel, fabrics, furniture and lenses.
The company's primary manufacturing facility is located in Tolland, Conn., with a smaller facility located in South Windsor, Conn. Gerber employs almost 850 workers in the U.S.
Citizens Business Credit Corp. of Boston, Mass. is the guaranteed lender.
Ex-Im Bank this year marks its 71st year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2004, Ex-Im Bank, an independent federal agency, authorized financing to support approximately $17.8 billion in U.S. exports worldwide, a 25% jump from a year earlier.