posted on August 28, 2013 15:44
Bergen’s Liberty Pumps is leading the county and much of Upstate New York in its dedication to local manufacturing, according to New York Senator Kirsten Gillibrand, who toured the company today and discussed its Foreign Trade Zone Application.
The FTZ designation offers various incentives to local companies involved in imports and exports.
“We make some of the most amazing things in the world here in New York,” Gillibrand said. “We want to be able to increase the market for the goods and services that we build and create here to worldwide markets.”
“Specific benefits include waiving a portion of the federal taxes for goods coming into an FTC zone and reduced costs for assembly or manufacturing products in the region before shipping to foreign markets,” she said. “So, for example, here at Liberty Pumps, there’re certain parts they will import from Taiwan which will then make their overall product less expensive. Those savings allow them to be more competitive amongst competitors worldwide.”
Gillibrand says Liberty Pumps is the first company in the county to file this application and says she will do all she can to make sure it is approved. Genesee County is awaiting that approval before any of its companies can operate within the FTZ.
Liberty Pumps president Charlie Cook says the company is growing and expanding as it looks at developing new products.
“Obviously you have to generate profit in order to fuel research and development and be able to tool up those new products,” Cook said.
Cook says the company always tries to buy domestically, but that’s impossible as factories that make the motors have all shut down those lines.
Gillibrand encourages other businesses to file the application to become an FTZ because she says supporting American manufacturing is vital.
“Our ability to grow our exports and manufacturing sectors for all kinds of businesses throughout Genesee County will go a long way towards helping Upstate New York get back on its feet and stand strong,” Gillibrand said.