U.S. Bank Equipment Finance officials announce that it will sponsor the Reshoring Initiative, a Chicago, Ill.-based group established to educate manufacturers on the benefits of bringing their operations and corresponding jobs back to the United States.
“Over the years, we have seen many jobs in the machine tool sector move overseas,” state Ken Rector, executive vice president, U.S. Bank Equipment Finance – Manufacturing Vendor Services. “We are glad to see the movement of these jobs back to the U.S. due in part to the work of the Reshoring Initiative. We are delighted to help in this effort through a key sponsorship of the Initiative.”
“It is meaningful that U.S. Bank Equipment Finance, a financial leader in the machine tool arena, has stepped up as the first bank to sponsor the Initiative” said Harry Moser, president of the Reshoring Initiative. “We believe that about 25% of what has been offshored would come back now if companies used our Total Cost of Ownership Estimator to compare domestic to offshore manufacturing and sourcing. We expect that the visible support of U.S. Bank Equipment Finance will accelerate investment in machine tools, helping companies, employees and our country.”
The Reshoring Initiative assists manufacturers in understanding the benefits of reshoring and U.S. Bank works with manufacturers to facilitate their acquisition of machine tool and other new equipment to help maintain their competitive advantage.