CEDARAPIDS INC. SUCCESSFUL IN LATIN AMERICAN MARKETS WITH EX-IM BANK FINANCING
FOR IMMEDIATE RELEASE January 7, 2003
Andrew Yarrow (202) 565-3200 - Greg Meng, Cedarapids, (319) 399-3126 or Nathan Mixdorf, (319) 399-4712
Cedarapids Inc., a Cedar Rapids, Iowa-based subsidiary of Terex Corp. that has expanded its overseas sales thanks to financing from the Export-Import Bank of the United States (Ex-Im Bank), is one of four companies featured in the Bank's Annual Report for fiscal year 2002, which was released today.
Cedarapids has used Ex-Im Bank's medium-term loan guarantees and other financing products during the last six years to export its world-renowned road-building equipment in emerging markets such as Mexico, Brazil, the Dominican Republic, and Costa Rica. Like other U.S. companies, Cedarapids has encountered challenges in arranging financing for its customers in such markets. But Greg Meng, the company's vice president of finance, said that Ex-Im Bank's trade financing can make a huge difference in expediting these sales and mitigating risk.
Ex-Im Bank takes a lot of the risk out, and offers a great way to help U.S. companies keep their overhead down if they're expanding in international markets, Meng said. Ex-Im Bank financing has helped us expand in Latin America, and we would love to use it more to expand and grow in China and Eastern Europe.
Cedarapids manufactures a variety of aggregate (rock) crushing and screening, asphalt paving, and recycling products. The company, which has 280 employees in Cedar Rapids, was founded as the Iowa Manufacturing Co. and has been a major employer in the Cedar Rapids area since it began operating in 1923.
Ex-Im Bank is committed to helping small and medium-sized businesses profit and grow from overseas sales, Eduardo Aguirre, chairman of Ex-Im Bank said. Cedarapids is a great example of a heartland company that's grown by going global.
Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports, primarily to growth markets throughout the world, by providing guarantees, insurance, and loans. In fiscal year 2002, Ex-Im Bank supported approximately 2,500 transactions and nearly $13 billion of U.S. exports worldwide.