EXIM’s Export Credit Insurance and Working Capital Guarantees Enabled Florida Manufacturer to Expand Existing Sales and Enter New Markets
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WASHINGTON — Motortronics, a small-business manufacturer based in Clearwater, Florida, has been named an Exporter of the Year by the Export-Import Bank of the United States (EXIM). The company, which has used EXIM’s export credit insurance and working capital programs to support its international sales since 2007, was awarded today at EXIM’s 2021 Annual Conference being held virtually September 21-23.
“I am honored to recognize Motortronics for its outstanding contributions to fulfilling EXIM ’s mission of supporting American jobs by facilitating U.S. exports,” said EXIM Acting Senior Vice President of Small Business and Vice President of Women- and Minority-Owned Business Outreach Tamara Maxwell. “Approximately 90 percent of EXIM’s authorizations directly support small businesses such as the exporters being awarded at the annual conference. We are dedicated to facilitating the exporting success of U.S. small businesses as they compete in the global marketplace and support American jobs at home.”
Motortronics is a leader in the manufacturing of solid-state AC motor controls and motor production products serving the industrial markets. The company’s products help electrify and protect motors and equipment that serve most all essential markets such as fresh water, waste-water, oil, gas, semiconductor, HVAC, and refrigeration. This small business has relied on EXIM since 2007, using both export credit insurance and working capital guarantees. The company ships to buyers in more than two dozen countries and has credited EXIM with the ability to enter markets around the globe and win new customers in developing countries to obtain their products.
“EXIM is a great partner to help expand your business. For any small business wanting to expand their footprint, EXIM's programs allow you to become competitive in the world market and provide products and services in areas of the world that were previously not attainable to you. All you need is a good banking relationship and a great EXIM broker and ‘the world is your oyster,’” said Motortronics President Jim Mitchell and Vice President Administration Joyce Mitchell.
Motortronics has an EXIM-guaranteed working capital loan facility that supports approximately $20 million in export sales of electrical control equipment primarily to South Korea, Singapore, and Egypt. The company also has a $3.5 million short-term multibuyer insurance policy with shipments reported to 29 buyers in 14 countries, primarily Egypt, China, and Turkey.
Since 2014, EXIM has supported exports valued at $6 billion from 563 companies—including 472 small businesses such as Motortronics—across Florida.
U.S. companies, particularly small businesses, can utilize EXIM’s financing tools and resources to increase their international sales, showcase their “Made in the USA” products, and create and sustain American jobs. By partnering with EXIM, exporters can mitigate the risk of nonpayment on international sales, offer credit terms to foreign buyers, and access working capital loan guarantees. In addition, EXIM has implemented several COVID-19 (coronavirus) relief measures for U.S. exporters and financial institutions to enhance the agency’s existing programs.
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt. Learn more at www.exim.gov.
On stand 139 at SPS, Motortronics™ will unveil the world’s most innovative and largest range of soft starters. These energy-saving motor control solutions are introduced as part of the official launch of Motortronics™ new European operations.
Motortronics™ provides low and medium voltage soft start solutions for every type of AC motor from 1.1 kW to 15,000 kW.
VMX-synergy™, VMX-agility™ and VMX-PFE™ low voltage soft starters cover up to 1,080 A with features such as pre-programmed smart application suites and ‘3S’ soft start technology. As well as reducing lost energy, these soft starters are up to 80% more efficient than a variable frequency drive (VFD) running at line frequency. With an internal bypass they also deliver 0% harmonics and 99.9% efficiency.
The unique Intelligent Energy Recovery System (iERS), included as standard on the VMX‑synergy™, is a world-first for a soft starter. It improves power factor performance and allows energy savings of up to 32% to be achieved in lightly loaded, fixed speed applications.
The MVC4 medium voltage soft starter provides true thermal modeling combined with smooth, step-less control of acceleration and deceleration that guarantees optimum power control and motor protection. The MVC4 includes a high-end motor protection relay, a heavy-duty solid-state starter, flexible control features and selectable ramping profiles to match any application. High-level circuit isolation via fibre optics (standard on all units) ensures safety and power quality. Sealed IP52/NEMA 12 enclosures are provided as standard, rather than as an expensive option.
Msmart™ touchscreen control panels, compatible with VMX-synergy™ and MVC4, make remote soft starter operation intuitive and easy to use. The touchscreen supports 6 languages and provides full color graphical soft starter performance data. It allows soft starter monitoring, diagnostics and programming as well as being designed for operation in harsh environments.
Innovation in soft starting and motor protection is taken to a new level with StartView MLink, the PC based configuration and monitoring software. As well as easy configuration of soft starters, this software makes a back-up, maintenance and comparison of parameter sets, firmware updates and a host of other functions available on your PC.
The Motortronics™ soft start, protection and control demonstration on Stand 139 also includes current transformers for most ratings and window types; motor relays offering cost-effective, quality motor protection; and remote temperature detection (RTD) monitors with differential current monitoring.
Motortronics™ is one of the world’s largest soft starter and control manufacturing specialists with operations in USA, UK, Korea and China. Motortronics™ UK was established on 1st August 2019 to spearhead the groups’ growth in the European market following the acquisition of Fairford Electronics in 2018.
RETA 2019 National Conference in Las Vegas. Keeping industrial refrigeration engineers and technicians at the event informed of the latest developments at Motortronics are Steve Podobinski, National OEM Sales Manager (left) and Brian Seman, National Sales Manager. They would be delighted to see you on Booth 234. Stop by and say hello, we guarantee a warm welcome and some exciting control solutions for industrial refrigeration – saving energy and putting you in control.
Motortronics, a worldwide leading manufacturing group specialising in solid state AC motor controls and motor protection products, has acquired Plymouth-based Fairford Electronics Ltd for an undisclosed sum.
Two South West professional services firms, Thomas Westcott Chartered Accountants and Nash & Co Solicitors, both acted on behalf of Motortronics to ensure the deal went through smoothly.
Fairford Electronics, which has its design and production facilities in the Lee Mill Industrial Estate, Ivybridge, provides low voltage soft starter motors which complement Motortronics’ own range of medium voltage solid state motors.
Acting for Motortronics, the Corporate Finance Team at Thomas Westcott carried out the financial due diligence on Fairford Electronics before the acquisition could be completed.
Alison Watts, who heads that Corporate Finance Team, said: “Fairford, which has been trading since the late ‘70s, has an outstanding reputation both here in the UK and worldwide and are an excellent fit for Motortronics, itself a global leader in the sector.”
She added: “This announcement not only demonstrates that international companies are keen to do business with their UK counterparts, but also that here in the South West we have the professional skills and expertise to facilitate such deals and get them over the finishing line to the satisfaction of all parties.”
Nash and Co acted for the Motortronics group on the transaction, dealing with the legal due diligence and acquisition documents.
Tim Jackman, head of the Nash Corporate Finance team said ‘This was a great deal in which to be involved. It is great to see such a professional and experienced international group investing in this highly respected South West business. I was lucky to be involved over 10 years ago when the business was sold, so it is fantastic to be involved again in the next chapter for Fairford’.
Motortronics believes the deal will support the company’s growth plans and help accelerate its entry into new markets.
“Fairford provides an exciting opportunity for Motortronics and, specifically, strengthens our position in International Electrotechnical Commission (IEC) class products,” said Jim Mitchell, President of Motortronics US.
“Now with operations in USA, United Kingdom, Korea and China, Motortronics and Fairford are perfectly placed to offer outstanding support to all markets globally,” added Brian Hong, Managing Director, Motortronics Korea.
Mark Shepherd, Fairford Managing Director, said: “Motortronics’ strength in medium voltage and soft starters, combined with our own expertise in low voltage IEC soft starters, provides a major growth opportunity for both businesses and extends the product range for all our customers.”
The senior management team at Fairford Electronics will remain unchanged and the company will now trade as: “FAIRFORD – a part of the Motortronics Group.”
As the original pioneers of soft start technology, Fairford have been at the forefront of motor control innovation since the 1970s. As a major designer and manufacturer of soft start motor control solutions, Fairford is recognised as the reference point for many control solution providers worldwide.
Motortronics: Jim Mitchell, President (email@example.com)
Motortronics Korea: Brian Hong, Managing Director (firstname.lastname@example.org)
Fairford Electronics, Ltd: Mark Shepherd, Managing Director (email@example.com)