3V Sigma is a leading producer of advanced specialty chemicals that has been in business for over 60 years. 3V imports some of their chemicals from India through GSP and is able to pass those savings on to its customers: American manufacturers of paper, plastics, textiles, coatings, building materials, and related products.
GSP expiration in 2013 made its products less competitive and cost 3V millions of dollars in lost sales. At the same time, customers that continued purchasing at higher prices were made less competitive by the extra $500,000 in taxes assessed by Customs.
The retroactive GSP renewal by Congress allowed 3V Sigma to build an addition to its warehouse and lowered taxes on the business by hundreds of thousands of dollars. Continued GSP benefits are pivotal for 3V Sigma and the American manufacturers it supplies.