The federal government recognized a Prospect manufacturer for contributing to the expansion of U.S. exports.
Prospect Machine Products was honored by U.S. Secretary of Commerce Wilbur Ross with the president’s E award for exports.
It is the highest recognition any U.S. business can receive for making a significant contribution to the expansion of U.S. exports.
“Prospect Machine Products has demonstrated a sustained commitment to export expansion,” Ross wrote in a congratulatory letter to the company.
Ross noted that the Prospect company “more than doubled” export sales over the previous four years and said its use of government programs to identify buyers and support international expansion “was particularly noble.”
“Prospect Machine Products’ achievements have undoubtedly contributed to national export expansion efforts that support the U.S. economy and create American jobs,” Ross wrote.
Exports Drive Growth
Exports drive small business growth in the U.S. with small businesses comprising 98% of all U.S. importers.
Exports from Connecticut companies, led by aerospace manufacturers, topped $16 billion in 2019.
Richard Laurenzi, chairman and CEO of Prospect Machine Products, said exports are a big part of their sales.
“Buyers and consumers in foreign markets want quality products made in the United States and we are honored to receive the E award,” Laurenzi said,
“We are a small deep draw stamping manufacturer, a family business founded in 1950, so this greatly appreciated honor represents a milestone in our company’s history.”
Prospect Machine Products was one of just 39 U.S. companies and organizations honored this year with an E award for their role in strengthening the U.S. economy by sharing American ingenuity beyond our borders.
Of the 39 winners, 24 were manufacturers.
U.S. companies are nominated for E awards through the U.S. Commerce Department via its International Trade Division.
The International Trade Division, with offices across the U.S. and in embassies and consulates worldwide, shares its expertise at every stage of the exporting process by promoting and facilitating exports and investment in the U.S.
To qualify for an E award, a company or organization must have achieved four years of successive growth in one or more international markets.