Holland Co. uses Ex-Im Bank to support export to Brazil
Written by jrood
Holland L.P., based in Crete, Ill., is using a medium-term insurance policy from the Export-Import Bank of the United States (Ex-Im Bank) to support its export of railroad-track equipment to a private-sector buyer in Brazil.
Ex-Im Bank insured a $1.7-million
loan from PNC Bank in Pittsburgh, Pa., to support Holland’s sale of two
complete in-track welding systems to Concrenor Indústria e Comércio Ltda., a
subsidiary of SPA Engenharia Indústria e Comércio (SPA). SPA is a
private-sector firm that provides engineering and construction services to
Brazil’s rail sector. The insurance broker is Export Insurance Agency Inc. of
Walpole, Mass.
"Brazil is a powerhouse
among emerging markets and offers great opportunities for U.S. companies. This
transaction represents one of several types of financing assistance available
to help U.S. small businesses realize sales in Brazil," said Ex-Im Bank
Chairman and President Fred P. Hochberg.
"Without Ex-Im Bank, this
transaction would not have come to life. The Bank provided us and our
international customer with the opportunity to close a mutually beneficial
contract that meets our short- and long-term plans and fits into the strategic
and economic goals of both of our countries," said Holland CFO Frank J.
Francis.
The exports will be used
in a project to refurbish a 177-kilometer (110-mile) stretch track of the
Ferrovia Norte-Sul rail line in the state of Tocantins in central Brazil.
