Troy Company Selected to Participate in Virginia’s VALET Program
-Two-year program provides resources to support international business-
RICHMOND - The Virginia Economic Development Partnership (VEDP) today announced the acceptance of a Troy company, Cableform, Inc., into its two-year Virginia Leaders in Export Trade (VALET) program. Launched in January 2002, the program assists exporters in the Commonwealth that have firmly established domestic operations and are committed to international exporting as an expansion strategy.
Cableform, Inc. joins the program as part of the 16th class of VALET companies. To participate, each eligible business must meet several quantitative criteria and complete an application process. Participating firms are chosen based on their dedication to growth through export. Currently, more than 100 Virginia companies have been accepted to participate in the VALET program.
Cableform is the world’s leader in the design and supply of Digital DC Motor Control Solutions for severe duty cranes, hoists, traction, and magnet control applications in steel, mining, tunneling and traction industries. Cableform motor control products are utilized in North America, South America, Europe, South Africa, Australia, China and Russia. Cableform’s North American operations were established in 1974 in Troy, and the business has grown and developed to include the engineering, design, test, production and technical customer support of technologically advanced DC electric-motor controls from 24 volts DC to 1200 volts DC and 2,000 amps for battery, line and catenary power supplies. Expertise in DC motor control solutions for severe duty applications has garnered global recognition and demand for Cableform products as Cableform’s customer solutions virtually eliminate maintenance, increase throughput by 20 to 50 percent, and reduce energy costs up to 80 percent. As the supplier of choice to many of the world’s leading mining, tunneling, steel producing and high speed rail companies, Cableform continues to develop products in partnership with our customers and vendors to increase the performance, reliability, safety and efficiency of their equipment and processes.
“Cableform seeks to expand our international reach into developing markets and establish a base for continued growth in those markets,” said Michael A. Franco, Plant Manager. “The VALET Program, with its skilled and proficient tools, has the ability to eliminate years of time and expense of our own efforts, accelerating our market expansion and helping ensure success. The greatest expansion and growth in today’s global economy will come from the world’s developing economies. The introduction of cost saving, energy saving and production increasing products and best practices into these markets can be beneficial for all, creating jobs and wealth and benefitting the environment. The VALET program provides the resources, tools and experience to complement Cableform’s existing team.”
The VALET program incorporates services from a team of experienced international service providers who assist the VALET companies with their international goals. Service providers such as attorneys, Web designers, bankers, translators and freight-forwarders contribute essential skills for expansion into international markets.
“VALET welcomes Cableform into the program,” said Leslie Parpart, VALET Program Manager. “We look forward to working with its international team over the course of the next two years to assist the company in exceeding export goals.”
The Virginia Economic Development Partnership, a marketing organization, was created by the Virginia General Assembly in 1995 to encourage, stimulate, and support the development and expansion of the economy of the Commonwealth. The Partnership is a state authority, which is governed by a 22-member Board of Directors appointed by the Governor and the Virginia General Assembly. To accomplish its objectives of promoting economic expansion within the Commonwealth, the Partnership focuses its efforts on business recruitment, expansion and international trade. VEDP has offices in Virginia, Belgium, Hong Kong, Mexico and Japan.
To learn more about the VALET program, contact Leslie Parpart, VALET Program Manager, at LParpart@YesVirginia.org or visit the programs tab at www.ExportVirginia.org.