Filtroil, a Richmond, Va.-based provider of industrial oil filtration products and monitoring equipment, signed multiple distributor agreements with customers during a state sponsored trade mission to Hannover Messe 2016 in Germany.
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Virginia received a State Trade Export Program (STEP) grant from the U.S. Small Business Administration to facilitate the acquisition of international partners and customers for Virginia companies. Virginia’s STEP grant was made possible through the funding of the Governor’s Virginia International Trade Alliance (VITAL) initiative.
In late April, the Virginia Economic Development Partnership (VEDP) led a trade mission with six Virginia companies, including Filtroil, to Hannover to market their products and services.
Key technologies – from research and development, industrial automation, IT, industrial supply, production technologies and services to energy and mobility technologies – were exhibited at the event.
“Helping Virginia businesses sell their goods and services abroad is one of our most effective business expansion strategies, and Filtroil’s success demonstrates the key role that Virginia’s international trade programs play in helping companies expand into global markets,” said Virginia Secretary of Commerce and Trade Maurice Jones.
Filtroil signed new distributor agreements in three new markets: India, Bolivia and Denmark. The company left Hannover Messe with fifty potential leads, exceeding expectations threefold.
“We had 22 appointments before I even got on the plane to depart for Germany,” said Filtroil President Jeremy Leahman. “Our booth was busy from the first day - three qualified distributors signed in the first two days. The time and money you would have to spend to get all that accomplished would have been over $50,000.”
The Commonwealth of Virginia exported more than $36 billion in manufactured goods and services in 2014.
Exports of Virginia’s products and services to the world are vital to the growth of the Commonwealth, with an economic impact of more than $18.7 billion dollars in labor income, $2 billion dollars in tax revenue and the creation of nearly 321,000 jobs. ■