Ex-Im Bank Approves $35m Loan Guarantee to Devco

"We are proud to support Devco International LLC in this important transaction which will create hundreds of American jobs," said Lillian Labbat, managing director, J.P. Morgan. "We see exports as a key driver of economic expansion. Our export finance capabilities and global footprint are what enable us to help small businesses to compete and to succeed."

Founded in 1978, Devco is a chemical-engineering firm that designs sulfur-handling equipment. The small-business company developed a wet-processing technology known as the Devco II Wet Pelletizing Technology, which converts molten sulfur into solid sulfur pellets in a process that is both economical and environmentally friendly.

"We are very pleased with the support being provided to us by Ex-Im Bank on this critical project. A project such as this would have been difficult to obtain without their dedicated assistance," said Doug Houston, the owner and chief executive officer of Devco. "Projects of this magnitude allow us to extend and expand our technical staff, while supplying significant job opportunities for our fabrication partners in several locations throughout the United States. This project heightens the company's opportunity to provide additional United States based technology and equipment solutions for Iraq."

(Source: Ex-Im Bank)

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