02-02-18 Promising New Economic Opportunity for Colorado

Promising New Economic Opportunity for Colorado

Foreign Trade Zone (FTZ) No. 293 has submitted applications for a FTZ Usage Driven site in Aurora, CO and a Notification of Production for a production company that stores and processes parts for its largest customer, Vestas Nacelles America Inc. (Vestas), is located here in Colorado.

Laser Galicia S. L. is a Spanish company specializing in precision laser cutting of plate and tube, bending and welding. Laser Galicia America LLC is an affiliate of Laser Ebro Group, the leading laser cutting company in Europe. Laser Galicia America LLC purchases products from Laser Galicia S.L and operates as both a logistics center, dedicated to receive, store and deliver the imported purchased products and as a site for the light production of parts for Vestas. The company receives the metal parts from Europe in the facility on a weekly basis.

FTZ No. 293 was granted to the Town of Limon by the Foreign Trade Zone Board in the U.S. Department of Commerce to provide the authority to establish Foreign Trade Zone benefits in Colorado. FTZ No. 293 established a Service Area including all of the counties of Adams and Arapahoe and large portions of the counties of Elbert, Lincoln and Morgan. Laser Galicia’s application is for a usage driven site and production notification at its current location in Aurora. FTZ No. 293 is accepting applications for additional usage driven sites as well as magnet sites and subzones.

Approval of the applications by the FTZ Board within the U.S. Department of Commerce will allow Laser Galicia to defer and even eliminate tariffs or customs fees on its imported products while using Colorado workforce for both its logistics and production processes.

In 2016, across the U.S. there were 195 FTZs active during the year, with a total of 324 active production operations. Over 420,000 persons were employed at some 3,300 firms that used FTZs during the year.

Any business which imports goods into Colorado might benefit from being in a Foreign Trade Zone. The Town of Limon, through FTZ No. 293, can guide a business that would like to explore the opportunity to defer, reduce or eliminate customs fees in products imported into the United States through a Foreign Trade Zone. Contact Joe Kiely, FTZ Director, Foreign Trade Zone No. 293 at 719-740-2240 or jkiely@townoflimon.com with questions or to begin an application.

SOURCE