Foreign-Trade Zone Lands at Perrone Aerospace
The Capital Region Foreign-Trade Zone adds a new site in Montgomery County; second new site for the region in the past year.
Perrone Aerospace of Fultonville has been approved as a new site in the Capital Region Foreign-Trade Zone program. Last week, the Foreign-Trade Zones Board in Washington, DC approved the usage-driven site in Montgomery County as the fourth active site for the Capital Region Foreign-Trade Zone. This designation will allow Perrone to take advantage of the program’s benefits associated with duty on imports, processing fees, and logistics.
“As part of a broad Export-Trade Expansion Program, Perrone Aerospace expects that participation in the Foreign-Trade Zone program will allow us to expand our presence in the Global marketplace,” said Bart Avery, CEO of Perrone Aerospace. “The FTZ will introduce new opportunities to promote our products at a more competitive rate by helping to mitigate the high cost associated with manufacturing Aviation components in the USA. By capitalizing on the advantages of duty deferment and duty suspension available to approved US manufacturers and warehousing facilities, Perrone Aerospace expects to better align our position against our competition.”
The purpose of Foreign-Trade Zones is to stimulate international trade and create jobs and investment in the United States rather than abroad. Foreign merchandise may enter a Foreign-Trade Zone without a formal Customs entry or the payment of duties or excise taxes. Depending on the final form of the final product or its destination, duties may be deferred, inverted, or eliminated.
“We’re extremely happy to add Perrone Aerospace to our regional Foreign-Trade Zone program,” said Sean Maguire, Director of Economic Development for the Capital District Regional Planning Commission, grantee of the 10-county program. “Working collaboratively with Montgomery County, we’ve been able to get this tool into the hands of another local manufacturer that will be able to use the FTZ to improve its competitive position in the global marketplace.”
“I have been proud to work with our local FTZ and businesses like Perrone Aerospace to provide opportunity that creates quality jobs, contribute to the local economy, grow exports, and make our area more attractive for companies to move into the region. Our local FTZs cut costs for local small businesses while expanding international markets, and I am happy to see Perrone approved as a new FTZ site,” said Congressman Paul Tonko.
“The FTZ designation for Perrone Aerospace is great news for its employees and Montgomery County,” said Ken Rose, Director of the Montgomery County Business Development Center. “Through the collaborative effort with the Capital District Regional Planning Commission, Perrone is positioned well to remain a strong manufacturing presence in our Region.”
Since 1985, the Capital District Regional Planning Commission has been the grantee of Foreign-Trade Zone #121. It was initially established in Albany, Rensselaer, Saratoga, and Schenectady Counties. Today, the Capital Region FTZ service area covers 10 counties in and around the Capital Region. Individual companies within this service area may be eligible for FTZ designation at their current location. More information about the program can be found at www.capitalregionftz.com.
The Capital District Regional Planning Commission (CDRPC) is a regional planning and resource center established in 1967 by a cooperative agreement among Albany, Rensselaer, Saratoga, and Schenectady counties. CDRPC provides objective analysis of data, trends, opportunities, and challenges relevant to the Region’s economic development and planning communities. CDRPC serves the best interests of the public and private sectors by promoting intergovernmental cooperation; communicating, collaborating, and facilitating regional initiatives; and sharing information and fostering dialogues on solutions to regional problems.