EXIM Chairman Kimberly Reed Presents Exporter of the Year Award to Minnetonka, Minnesota Small Business Fireaway, Inc.
October 13, 2020
(Ex-Im Bank)
Presents Award to Minnesota Small Business Providing Fire Suppression Equipment
MINNETONKA, Minn. – Export-Import Bank of the United States (EXIM) President
and Chairman Kimberly A. Reed today presented an Exporter of the Year award to
Fireaway, Inc. (link is
external), a small business in Minnetonka, Minnesota that manufactures
innovative fire suppression products. The company, which has used EXIM’s
export credit insurance to support its international sales since 2018, was
honored during EXIM’s virtual 2020 Annual Conference, the largest in the
agency’s history, which was held in September. Chairman Reed presented the
award in person to Fireaway President and CEO Lance Harry while visiting the
company facility in Minnesota, where they employ 40 workers. The company has an
additional 10 workers in Minton, Louisiana.
Following the award presentation, Chairman Reed took a tour of the Fireaway
Production and Shipping facility, led by Fireaway COO and CFO Keath Young, and
joined by Representative Dean Phillips (MN-03), who serves on the House
Financial Services Committee.
“I am honored to present this award on behalf of EXIM to Fireaway, a great
Minnesota success story,” said EXIM Chairman Reed. “This small business,
which provides fire suppression systems deployed to some of the toughest and
most dangerous conditions, represents the backbone of the American economy, and
their success has contributed to fulfilling our agency’s mission of supporting
American jobs by facilitating U.S. exports.”
“We are honored that Kimberly A. Reed, President and Chairman of the
Export-Import Bank of the United States, visited our facility today to present
the Exporter of the Year award in person,” said Fireaway President and CEO
Lance D. Harry. “EXIM’s support has been a vital part of our success,
allowing us to increase global sales and increase our revenue.”
Founded in 2005, Fireaway manufactures and sells the aerosol fire suppression
system, Stat-X®, through a worldwide distribution network of more than 180
distributors, located in 44 countries on six continents. The Stat-X® fire
suppression units have been deployed in the toughest conditions, ranging from
underground mines and power substations to military vehicles and wind turbines,
providing effective and economical fire suppression solutions to customers
around the world. Fireaway’s team of veteran fire protection professionals is
based in Minnesota, Louisiana, Alabama, New Jersey, and Madrid, Spain. In 2019,
the company was honored with the Minnesota Governor’s International Trade
Award for building successful global markets.
Fireaway uses export credit insurance to offer customers favorable credit terms.
As a small business with limited resources, that support was critical to
Fireaway’s exporting success, by providing working capital cash flow and
mitigating the risk of nonpayment. Fireaway was able to increase sales in
existing markets and expand into new ones, currently exporting to 44 countries.
With more than 82 percent of 2019 revenue generated by international sales, all
50 jobs are supported by exports. EXIM has supported Fireaway exports valued at
more than $12 million since 2018. The company’s policy is facilitated by EXIM
broker Trade Acceptance Group, Ltd., of Edina, Minnesota.
Since 2014, EXIM has supported exports valued at $877 million from 123 companies
— including 84 small businesses like Fireaway — across Minnesota.
U.S. companies, particularly small businesses, can utilize EXIM’s financing
tools and resources to increase their international sales, showcase their
“Made in the USA” products, and sustain American jobs. By partnering with
EXIM, exporters can mitigate the risk of nonpayment on international sales,
offer credit terms to foreign buyers, and access working capital loan
guarantees. In addition, EXIM has implemented several COVID-19 (coronavirus)
relief measures for U.S. exporters and financial institutions to enhance the
agency’s existing programs.
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