SOCMA Commends Signing of Duty Suspension Bill
Six Member Companies Attend White House Ceremony
FOR IMMEDIATE RELEASE
August 11, 2010
Manager, Public Relations & Media
Washington, DC – The Society of Chemical Manufacturers and Affiliates (SOCMA) commended today’s signing by President Obama of H.R. 4380, the “United States Manufacturing Enhancement Act of 2010,” also known commonly as the Miscellaneous Tariff Bill (MTB). The bill, which is a compilation of duty suspensions, allows manufacturers to cut production costs by eliminating the duty for certain raw materials imported to the U.S.
A number of SOCMA members will be affected by the MTB, which is traditionally extended by Congress every time it has faced expiration. It expired in 2009, forcing SOCMA member companies to pay higher tariffs on imported materials unavailable domestically. SOCMA has called for the current bill’s timely passage since that time.
“We commend President Obama for his swift signing of the MTB,” said SOCMA President and CEO Lawrence D. Sloan. “This bill is a crucial boost for many SOCMA members, many of whom are small and medium-sized businesses. Trade has been a top priority for SOCMA since our founding in 1921. Duty suspension will allow companies of all sizes to invest their resources in growth of their production and workforce in the face of a tough economy. SOCMA is pleased to see Congress and the president show their support for U.S. manufacturing and jobs.”
Representatives of six SOCMA member companies, who had imported ingredients included in the duty suspension, were present at the White House today for the signing ceremony. Among the companies represented were Fanwood Chemical Inc., Nation Ford Chemical Company, and Sun Chemical Corporation. V.M. (Jim) DeLisi, President of Fanwood Chemical, is also chairman of SOCMA’s International Trade Committee.
SOCMA is the only U.S. based trade association dedicated solely to the batch, custom and specialty chemical industry. Since 1921, we have represented a diverse membership of small, medium and large chemical companies, making us the leading authority on this sector. SOCMA has a global membership of more than 200 companies. In the US, members employ more than 100,000 workers across the country and produce 50,000 products valued at $60 billion annually. For more information on our services and products, please visit www.socma.com.
ChemStewards® is SOCMA’s flagship environmental, health, safety and security (EHS&S) continuous performance improvement program. ChemStewards was created from industry’s commitment to reducing our environmental footprint. Industry created ChemStewards to meet the unique needs of the batch, custom, and specialty chemical industry. As a mandatory requirement for SOCMA members engaged in the manufacturing or handling of chemicals, ChemStewards is helping participants reach for superior EHS&S performance. To learn more visit www.chemstewards.com.