St. Paul, Minn. (PRWEB) September 05, 2014
Sixty percent of the time, Lion Precision’s shipments have international destinations. As an important revenue source, the company’s growth is dependent on the export process. On September 3, Congresswoman Betty McCollum (MN-04) met president Don Martin and COO Shanda Osiecki to discuss the Export-Import Bank of the United States and its importance to Lion Precision and the manufacturing sector in general.
“If Lion Precision is going to grow and contribute to job growth, we must continue to remove roadblocks to export,” according to Martin. The Export-Import Bank provides payment insurance for exported goods, thereby removing some of the risk of international sales. Martin adds, “Without the Bank, we had to arrange prepayment and wire transfers which are costly and inconvenient. At some point, international customers just decide it’s too much trouble to buy from U.S. companies and find other sources.”
Congresswoman Betty McCollum (MN-04) added, “Congress must act immediately to reauthorize the Export-Import Bank. The Ex-Im Bank supports American companies like Lion Precision that export their products all around the world. This support is critical to the American economy which therefore makes it critical to American jobs. Just last year, Ex-Im Bank supported more than $37 billion in export sales resulting in 3,400 small business transactions. This government entity has been helping create or sustain 1.2 million private sector jobs since 2009. Ex-Im is clearly vital to our economy, contributing $1.1 billion to the Treasury as a result of its profits in 2013 alone.”
Lion Precision designs, manufactures, and sells high precision noncontact measurement equipment to semiconductor, hard-disk drive, manufacturing and other industries. Their sensors can detect position changes of less than one nanometer, or a human hair split one million times. In 1958, Lion Precision was the first company to provide capacitive displacement sensors to industry. The company has expanded its product offering to include eddy-current displacement sensors and some application specific sensors for the machine tool, packaging and PCB industries. The company is focused on assisting users in sensor implementation by providing expert guidance and optimized systems including custom designs.
For more information, contact Lion Precision:
563 Shoreview Park Road
St. Paul, MN 55126 USA