Primetac is a family-owned business supplying high quality tapes, films, and industrial packaging throughout North America. Primetac passes the savings from GSP-eligible imports on to companies across the United States while supporting jobs in four states.
When GSP expire in 2013, Primetac was forced to raise prices to compensate for those new import taxes. This was no small increase, as the company paid about $1.5 million in new tariffs. The resulting sales drop forced Primetac to freeze hiring, slash benefits, and delay certain investment plans.
The retroactive renewal allowed Primetac to hire 2 new hires and institute a profit-sharing plan for employees. Benefits were not limited to Primetac’s staff: it also purchased a forklift from Crown Industries in Ohio and hired a local contractor to move ahead with a lighting upgrade in its warehouse.
Primetac’s Peter Feniello emailed the other day with another update. After reiterating all the past good allowed by renewal, he added:
The other side of the argument is what we are NOT doing presently due to GSP uncertainty. We are in need of 2 hires (one in administration here in NJ, another as a territory salesperson). We are not going to move on these until the dust settles and GSP renewal is in sight.
Once again, despite expiration itself being 6 months away, companies are starting to pull back on investments and hiring.