FOR IMMEDIATE RELEASE June 24, 2002
Niki Shepperd (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) has approved a medium-term insurance policy for Mark Andy, Inc., St. Louis, Mo. the leading producer of narrow web printing equipment. The insurance transaction, which is the third between Mark Andy and Ex-Im Bank, is supporting the export of a flexographic printing press to Prakolar Rotulos Auto Adesivos, Ltda. of Sao Paulo, Brazil. The equipment will use to generate better quality print on packaging labels the company manufactures.
Ex-Im Bank's export credit insurance gives U.S. exporters like Mark Andy, Inc. the chance to tap opportunities in emerging markets that wouldn't otherwise be available, said Jim Lambright, special assistant to the Chairman of Ex-Im Bank.
Mark Andy has grown from a hometown business that developed and manufactured tape and multi-color label printing equipment to the international leader of the narrow web press market.
We are very pleased to be able to partner with Ex-Im Bank. Ex-Im's export credit insurance allows us to be more competitive in providing trade finance solutions for our international customers and is increasingly becoming part of our marketing mix, said Jeff Auton, customer financial services manager.
Ex-Im Bank's export credit insurance protects U.S. exporters and lenders against the risks of a foreign buyer defaulting on payment for either commercial or political reasons. Additional benefits include the ability to offer foreign buyers competitive terms of payment, to assign proceeds of policies to a financial institution, and to access working capital by enabling banks to discount foreign accounts receivable or include them in the collateral base.
Ex-Im Bank has financed exports on behalf of 106 companies in 41 Missouri communities over the last five years, involving a total of $384.60 million in exports. Fifty-eight percent of the transactions financed assisted small businesses.
Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports primarily to emerging markets throughout the world, by providing loans, guarantees, and export credit insurance. Ex-Im Bank supported $12.5 billion in U.S. exports in fiscal year 2001.