Gillibrand stops in Bergen to pump up Foreign Trade Zones

Sen. Kirsten Gillibrand stopped for a tour of Liberty Pumps in Bergen today to promote Genesee County's "Foreign Trade Zone" designation.

Liberty is the first company in Genesee County to apply for the benefits of an FTZ.

Charlie Cook, president and CEO of Liberty Pumps, said the designation will help his company grow and create more jobs.

"It's certainly going to help reduce our costs," Cook said. "We are initially limited to three companies because it's crucial to monitor everything and control the inventory on the floor, so our most expensive components are duty free and there's an advantage there. It's our intent to flow the savings to the bottom line and generate more profits, which fuels future growth."

Profits, Cook, explained, means more research and development and more funds to bring new products to market, which means expansion.

Liberty Pumps is surrounded by three parcels of land that are suitable for expansion and Cook mentioned that the company is considering it options and will almost certainly expand in the next couple of years.

The FTZ allows Liberty Pumps to buy some of the parts it needs to build products without paying tariffs, but then it can also avoid tariffs on its exports.

Cook wanted to note, however, that not every component it could buy overseas is imported.

"We really try to limit our foreign purchases of components," Cook said. "If we can buy it domestically, we always prefer domestic components, but the fact is, these particular motors you can't get from a U.S. manufacturer anymore. They've all closed down these lines. Other components, like castings, we could do that, but we're trying to contain that business, a lot of it, to domestic sources rather than foreign."

Gillibrand said FTZs are important to help New York's economy grow.

"I encourage all manufacturers who can benefit to apply," Gillibrand said. "We make some of the most amazing things in the world right here in New York. We produce some of the greatest agricultural products of anywhere in the world. We want to be able to increase the world markets for our goods and services. We want to keep local busineses in a position of strength."