As partners, Zethmayr will administer the airport’s Foreign Trade Zone program, focused on helping companies operate more efficient international supply chains
September 17, 2018
For more information, contact:
Karli Smith – 815-985-4129
ROCKFORD, Ill. (Sept. 17, 2018) –The Greater Rockford Airport Authority Board (GRAA) signed a contract with Zethmayr LLC to administer Foreign Trade Zone #176 (FTZ #176). An FTZ is a designated location in the U.S. where companies can use special procedures that help encourage U.S. manufacturing, in competition with foreign alternatives, by allowing delayed or reduced duty payments on foreign merchandise, as well as other savings. The GRAA has authority from the U.S. Department of Commerce to allow companies to establish FTZs in its designated 11-county region.
There are currently six companies using the program through FTZ #176, with some reporting annual savings exceeding $2 million due to efficiencies. The program is uniquely beneficial to companies that rely on imported components or raw materials. The purpose of the program is to allow manufacturing processes that would otherwise take place overseas to happen in the U.S. with domestic labor. This is accomplished by reducing the cost of manufacturing, making domestic manufacturing more cost-competitive than overseas production.
Zethmayr is a location strategy company that helps companies establish cost-optimized operations in the United States through providing site selection and incentive negotiation services, with most clients being foreign companies establishing new or expanded U.S. operations. With 10 years of experience in economic development, the firm also helps regions apply for and administer programs to enhance cost-competitiveness, such as the foreign trade zone program.
“We are excited to begin this new partnership with the GRAA,” said Carrie Zethmayr, President of Zethmayr. “Foreign companies growing in the U.S. are often operating global supply chains, and the FTZ can make U.S. manufacturing more feasible compared to offshore alternatives.”
“The Chicago Rockford International Airport is growing, and we are very excited about the economic impact we have realized over the past few years,” said Mike Dunn Sr., Executive Director of the GRAA. “The foreign trade zone has always been an important part of how RFD supports businesses, making Rockford among the most logistically connected and cost-optimized regions in the U.S. There is a lot of opportunity coming our way and having a strong partner to administer our FTZ ensures we are ready to serve businesses that want to operate global supply chains right here in Rockford.”
To learn more about FTZ #176 and how it may benefit your business, contact Carrie Zethmayr at 312-221-1115 or firstname.lastname@example.org.
About the Greater Rockford Airport Authority
The Greater Rockford Airport Authority is one of the oldest airport authorities in the United States. Formed in 1946, the Authority has four jurisdictions that appoint a seven-member Board of Commissioners. 2006 marked the 60th anniversary of the Greater Rockford Airport Authority and 2007 marked the 20th anniversary of our Main Terminal. The Board of Commissioners is responsible for setting policies and ordinances governing the operations at RFD, which are carried out or enforced by a professional staff. flyrfd.com
Zethmayr is a location strategy firm that helps companies establish cost-optimized operations in the United States through providing site selection and incentive negotiation services. With 10 years of experience in state and regional economic development, the firm also helps regions apply for and administer programs to enhance cost-competitiveness. Zethmayr bridges market intelligence and location strategy, ensuring businesses establish operations in a location that optimizes their long-term operating costs, fits with their corporate strategy and values, and provides a mutually-beneficial economic partnership with a community. Zethmayr.com