Chicago-Based Quality Float Works Lauds Implementation of KORUS FTA
March 15, 2012
Quality Float Works, Inc. is lauding the implementation of the U.S. – Korea Free Trade Agreement (KORUS FTA) taking effect as of today. In late August, 2010, the U.S. Chamber of Commerce facilitated a Chicago area visit for the Korean Ambassador to the United States, Han Duk-Soo, and other Embassy officials, which included a tour of Quality Float Works, Inc. The local suburban Chicago small business manufacturer has been successful due to their international business through capitalizing on opportunities brought forth from Free Trade Agreements which have continued to allow them to tap into new markets abroad. Quality Float Works, Inc. has been a strong proponent of free trade with Korea.
“The enactment of this free trade agreement with Korea offers a tremendous avenue to continue our success in the global marketplace,” said Jason Speer, Vice President and cheap oakley sunglasses General Manager of Quality Float Works, Inc. “This agreement has the potential to create tens of thousands of new American jobs and boost U.S. exports and GDP by billions of dollars. We can certainly compete with any company in the world as long as we are playing by the same rules.”
“We lost a large contract with a South Korean firm to a German company last year – we couldn’t compete with the eight percent tariff in comparison to the German company that could offer lower prices due to a zero tariff for the same exact product,” said Sandra Westlund-Deenihan, President of Quality Float Works, Inc. “The U.S. – Korea Free Trade Agreement levels the playing field, reduces tariffs and give us a chance to compete in the Korean market.”
Led by third and fourth generation entrepreneurs, President Sandra Westlund-Deenihan and her son, Vice President and General Manager Jason Speer, Quality Float Works, Inc. has been an international player for more than 50 years. This 97-year old family-owned and operated manufacturing business is globally engaged and has grown sales by 143% over the past 7 years due to developing a technological innovation that has http://www.troakley.com/ allowed them to compete in the international marketplace. Quality Float Works, Inc. is an example of why free trade agreements are successful for businesses, even small businesses. The company currently exports abroad to locations including Canada, Belgium, China, Germany, Indonesia, Ireland, Mexico, Singapore, Vietnam and several locations throughout the United Kingdom and Latin America, Saudi Arabia, Australia and Nigeria – and will be further expanding in the Middle East in 2012, as well as seeking opportunities in Korea, Panama and Columbia as the new FTAs come online.