Exporting to Africa: South Bend company named 2008 Small Business Exporter of the Year for Sub-Saharan Africa.
Author | Hromadka, Erik |
Position | SMALL BUSINESS |
PETER BARANAY, PRESIDENT of ABRO Industries in South Bend, recalls a story his father told him about two shoe salesmen who each landed on a desert island. "This is horrible," one wired back to his home office. "The natives don't wear shoes." The second wired a different message: "This is the best opportunity in the world ... the natives don't wear shoes!"
Baranay has built a business following the moral of that story and seeking out opportunities where others fear to tread. His efforts have led the exporter of automotive and industrial supplies, which his father bought in 1979, into developing markets across Central and South America, Asia, the Middle East and Africa. He's dealt with political instability and currency exchange problems, believing that getting into a market first and building a brand is a key advantage worth the effort and risk.
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That strategy has paid off and ABRO was just named the 2008 Small Business Exporter of the Year for sub-Saharan Africa by the Export-Import Bank of the United States, the country's official export-credit agency
"Africa is sort of the last frontier of developing countries," Baranay says. The company has used Ex-Im Bank insurance to more than double sales to sub-Saharan Africa in six years, from under $10 million in 2002 to $24 million in 2007.
Other African sales supported under the insurance went to Nigeria, Kenya, Cote d'Ivoire, Mozambique, Gabon, Ghana and Zambia.
Exports constitute 100 percent of ABRO's business, which totaled $117 million last year.
"Exports are the key, that's essentially what we do," Baranay says. "We're projecting $25 million in sales to Africa for 2008. This...
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