MINNEAPOLIS — U.S. Bank Equipment Finance announced today that it will sponsor the Reshoring Initiative, a Chicago-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’ve seen many jobs in the machine tool sector move overseas,” said Ken Rector, executive vice president, U.S. Bank Equipment Finance – Manufacturing Vendor Services. “We’re 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 percent 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.
About The Reshoring Initiative
A 40-year manufacturing industry veteran and retired President of GF AgieCharmilles, Harry Moser founded the Reshoring Initiative to move lost jobs back to the U.S. For his efforts with the Reshoring Initiative, he was named to Industry Week magazine’s Manufacturing Hall of Fame in 2010. Additional information on the Reshoring Initiative is available at www.reshorenow.org.
About U.S. Bank Equipment Finance
U.S. Bank Equipment Finance, one of the largest equipment finance providers in the nation, has been providing quality equipment finance solutions for more than 40 years. The Manufacturing Vendor Services group offers manufacturers and vendors flexible and competitive lease financing for metal cutting, fabrication, plastics and packaging equipment.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $355 billion in assets as of March 31, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. Celebrating its 150th anniversary this year, the company operates 3,080 banking offices in 25 states and 5,056 ATMs. The bank provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.