EXIM Board of Directors Approves $50 Million Working Capital Revolving Loan Facility to Support Oklahoma-Headquartered Zeeco, Inc. and 460 U.S. Jobs
WASHINGTON - The Board of Directors of the Export-Import Bank of the United States (EXIM) today unanimously approved the guarantee of a working capital guarantee loan facility (loan facility) from JP Morgan Chase Co. to Zeeco, Inc. Headquartered in Broken Arrow, Oklahoma, and with U.S. facilities in Connecticut, Kansas, Kentucky, and Texas, Zeeco designs and manufactures industrial combustion and pollution control technologies for the petroleum, chemical, petrochemical, and pharmaceutical industries.
The $50 million loan facility will support the export of approximately $125 million in U.S. equipment to various overseas buyers, and will support approximately 460 U.S. jobs, and lead to the creation of 200 additional U.S. jobs, most of which are in manufacturing. It will replace JPMorgan Chase's existing loan facility, which was approved by the EXIM Board of Directors in June 2015. The requested loan facility is identical in structure to the facility approved by the Board in 2015.
"EXIM's action today allows Zeeco to support U.S. jobs as it continues to export its 'Made in the U.S.A.' products around the world," said EXIM President and Chairman Kimberly A. Reed. "In a time when the COVID-19 global pandemic is creating economic uncertainty, EXIM is committed to supporting businesses and jobs, including those that focus on energy, across America."
"Zeeco CFO John McDermott has said that without EXIM, the company's 'growth would be a fraction of what it is today,'" said EXIM Board Member Spencer Bachus III. "EXIM's support can have a transformative effect for businesses across America, and we are honored to play such an important role in keeping our economy strong."
"Zeeco started out with us years ago as a small business, and today it's one of the top three U.S. companies in the industrial combustion and pollution control sector supporting a number of industries, and about 50 percent of its sales are overseas," said EXIM Board Member Judith Pryor. "Zeeco is a great story of an American company growing through exports and showcases high-quality American products and why they are in such demand. I am pleased to support this transaction."
Zeeco, Inc., maintains more than 20 locations supported by more than 1,300 employees and agents, and thousands of installations on virtually every continent.
ABOUT EXIM:
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to overseas purchasers of U.S. goods and services. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In FY 2019, over 89 percent of EXIM's transactions - more than 2,100 - directly supported American small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.