With this new status, Danos can offer customers a duty-free storage and staging location for materials imported from abroad.
Gray, Louisiana (PRWEB) January 05, 2017
Danos’ 367.5-acre integrated services complex located in Amelia, La., is now an officially recognized Foreign Trade Zone (FTZ) by U.S. Customs and Border Protection (CBP). It will be the ninth FTZ located in the state of Louisiana and one of only 179 active FTZs in the country.
FTZs are secure areas within the United States that are considered to be outside of U.S. Customs territory for tariff purposes. Located in or near CBP ports of entry, they are the United States' version of what are known internationally as free-trade zones. The FTZ program was designed to promote American competitiveness by encouraging companies to maintain and expand their operations in the United States.
FTZs provide businesses with a way to defer, eliminate or reduce federal import duties when bringing foreign materials into the country. This makes U.S.-based companies more competitive in export markets and encourages multinational firms to establish U.S.-based operations which bring additional foreign investment. Currently, more than 2,700 companies utilize the program[*].
“With this new status, Danos can offer customers a duty-free storage and staging location for materials imported from abroad,” said Eric Danos, executive vice president of Danos. “Because the FTZ site is integrated with both Danos’ fabrication facility and material management center, we are able to integrate projects in a unique way that is providing increased value to our customers.”
There are two types of foreign-trade zones - General Purpose Zones and Subzones. Danos’ Amelia facility is a subzone of the general purpose FTZ No. 124 in Gramercy, La. The grantee is the Port of South Louisiana.
Danos was approved for FTZ status after a lengthy application and review process lasting approximately 12 months. Beginning at the local level, Danos obtained letters of endorsement from all local taxing authorities, developed the necessary management procedures and systems, and created a security plan. The Foreign-Trade Zones Board of the U.S. Department of Commerce ultimately approved the company’s application on Tuesday, Dec. 20, 2016.
[*] Source: 76th Annual Report of the U.S. Foreign-Trade Zones Board
About Danos – Founded in 1947, Danos is a family-owned and managed oilfield service provider. A trusted industry partner, Danos offers the most responsive end-to-end integrated service solutions – safe, on time and on budget. Danos achieves world-class safety results and customer loyalty due to a values-based approach and an unyielding commitment to employee engagement and training. Learn more at Danos.com.