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SOCMA Commends Signing of Duty Suspension Bill

The Society of Chemical Manufacturers and Affiliates (SOCMA) commended the signing by President Obama of H.R. 4380, the “United States Manufacturing Enhancement Act of 2010”, also known commonly as the Miscellaneous Tariff Bill (MTB). The bill, which is a compilation of duty suspensions, allows manufacturers to cut production costs by eliminating the duty for certain raw materials imported to the U.S.

A number of SOCMA members will be affected by the MTB, which is traditionally extended by Congress every time it has faced expiration. It expired in 2009, forcing SOCMA member companies to pay higher tariffs on imported materials unavailable domestically. SOCMA has called for the current bill’s timely passage since that time.

“We commend President Obama for his swift signing of the MTB,” said SOCMA president and CEO Lawrence D. Sloan. “This bill is a crucial boost for many SOCMA members, many of whom are small and medium-sized businesses. Trade has been a top priority for SOCMA since our founding in 1921. Duty suspension will allow companies of all sizes to invest their resources in growth of their production and workforce in the face of a tough economy. SOCMA is pleased to see Congress and the president show their support for U.S. manufacturing and jobs.”

Representatives of six SOCMA member companies, who had imported ingredients included in the duty suspension, were present at the White House today for the signing ceremony. Among the companies represented were Fanwood Chemical Inc., Nation Ford Chemical Co., and Sun Chemical Corp. V.M. (Jim) DeLisi, president of Fanwood Chemical, is also chairman of SOCMA’s International Trade Committee.
 
SOCMA is the only U.S. based trade association dedicated solely to the batch, custom and specialty chemical industry. Since 1921, we have represented a diverse membership of small, medium, and large chemical companies, making us the leading authority on this sector. SOCMA has a global membership of more than 200 companies. In the US, members employ more than 100,000 workers across the country and produce 50,000 products valued at $60 billion annually. For more information, visit www.socma.com.

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