MICHIGAN BUSINESS PLANS TO BOOST WORKFORCE BY 25%, HELPED BY SALE OF 18 HELICOPTERS TO INDONESIA
FOR IMMEDIATE RELEASE October 7, 2003
Marianna Ohe (202) 565-3200
Export Sale Backed BY $14.5 Million Ex-Im Bank Loan Guarantee
WASHINGTON, D.C.: Twenty-five percent employment growth is planned at Enstrom Helicopter Corp.,a 100-employee company in Menominee, Mich., which is selling 18 helicopters to the Indonesian National Police. The sale is backed by an Export-Import Bank of the United States (Ex-Im Bank) $14.5 million long-term loan guarantee.
We are delighted with this transaction because small and medium-sized U.S. businesses are a top Ex-Im Bank priority, said Ex-Im Bank Chairman Philip Merrill. They are the engine of U.S. economic expansion, technical innovation and job creation.
Due to the lack of commercial bank financing, the Indonesian buyer could not have made this purchase from Enstrom without Ex-Im Bank support, said Enstrom President Peter Parsinen. The deal will mean more jobs and an increased production schedule for the plant. It has helped initiate our current business plan for 25% employment growth. We also plan to expand our worldwide dealer network.
The guaranteed lender on the transaction is BNP-Paribas, New York, N.Y.
The Indonesian police will use the Enstrom 480B light turbine helicopters to maintain public order and safety and for search and rescue missions throughout Indonesia. The transaction received State Department clearance with respect to human rights concerns prior to its approval by Ex-Im Bank.
Founded in 1959, Enstrom manufactures a complete line of light piston-powered and turbine-powered helicopters. The 480B was introduced in 2001.
Ex-Im Bank is an independent federal government agency that helps 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 2002, Ex-Im Bank authorized financing to support approximately $13 billion of U.S. exports worldwide.