Ex-Im Bank Supports Export of U.S. Aircraft for Food Security in Brazil
September 30, 2013
(Ex-Im Bank)
WASHINGTON, D.C. – The Export-Import Bank of
the United States (Ex-Im Bank) today announced
support for a seven-figure purchase of two new
American agricultural aircraft by Jose Antonio
Goncalves Viana, a soybean and corn
agribusiness in Brazil. The buyer is a repeat
customer of Air Tractor Inc., an
employee-owned small business manufacturer of
specialty aircraft.For this transaction, Ex-Im
provided a medium-term insurance policy that
was designed to mitigate risk in export of
capital goods.
"We're pleased to support this sale to Brazil's
food industry, where innovative U.S. products
are being put to use," said Ex-Im Bank Chairman
and President Fred P. Hochberg. "But the Bank's
long-standing relationship with Air Tractor
owes to its competitive products and success in
keeping global customers. This transaction will
help support jobs in Texas while increasing
food production in Brazil."
Air Tractor Inc. is headquartered in Olney,
Texas, and employs 275 U.S. workers to build
its aircraft and customized equipment such as
sprayers. Since 1972, the Air Tractor product
lines of agricultural and fire-fighting
aircraft have been exported to six continents;
for the past 18 years, the company has relied
on Ex-Im Bank loan guarantees and insurance for
worry-free exporting. In August, Air Tractor
presented a previous Brazilian buyer with a
bright yellow single-seat model AT-502B, the
three thousandth aircraft to roll off the Texas
production line.
Air Tractor's chief financial officer David
Ickert pointed out mutual benefits garnered by
buyer and seller: "With the purchase of two new
Air Tractor AT-502Bs, JAG Viana has improved
its agricultural capabilities allowing them to
be more efficient and productive with the
production of soybeans and corn in Brazil."
Ickert continued, "In addition to helping with
food security, the sale and export of these two
aircraft help create and sustain jobs on Main
Street in Olney, Texas. The central link in
making this deal possible and gaining these
achievements is the Medium Term Credit
Insurance product of the Export-Import Bank of
the United States."
The Bank's exposure to Brazil as of the end of
fiscal year 2012 amounted to $3.3 billion.
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