COLUMBUS, Ohio, May 30, 2000 – American Electric Power’s (NYSE:AEP) Going GlobalTM export assistance program and team of export specialists are ready to match industrial customers with trade partners in the United Kingdom.
Going Global participants will travel with AEP Nov. 5-11 to Birmingham, England to meet with prescreened companies interested in developing business ventures with U.S. manufacturers offering unique products and services.
“Companies must have a product that is very American, very innovative – an exciting product,” said Lolita Sena, an export specialist in the United Kingdom who works with AEP’s industrial customers. “What you can sell over here are things unlikely to be found anywhere in the U.K.”
Sena, a former designer and manufacturer, successfully marketed knitwear under the Lolita Sena label at Neiman Marcus, Saks Fifth Avenue, Macy’s, Nordstrom and other major U.S. department stores. Sena’s work in the United States enabled her to develop a greater insight into the challenges U.S. companies face when trying to do business in England.
“It is nearly impossible for an American company to make a cold call to a British business and find anyone willing to talk with them. British business people are very conservative, and receiving a cold call from a U.S. company will definitely send up the red flags. My job is to make those initial calls for AEP’s customers and find appropriate companies,” Sena said.
Going Global participants will have access to an array of other tools to help with their exporting endeavor in England, including a market research report that assesses market potential and receptivity. AEP also negotiates hotel rates for participants and arranges local transportation and business briefings with foreign business partners at their places of business.
“Proper, thorough research is the first building block in assembling a workable strategic export program,” said Andy Reinke, an export consultant who prepares market research reports for AEP customers.
“Determining the best methods of distribution, assessing the product’s competitive strength and market barriers prior to traveling overseas on any trade mission greatly enhances the prospects for success and greater export revenues,” Reinke said.
The United Kingdom is the fourth largest country market of U.S. exports and is often used as a springboard by companies who eventually want to enter the European Union market of 375 million people, said Christine Sorg, AEP’s manager of international development.
“U.K. imports are running at an annual rate of more than $290 billion, allowing U.S. suppliers ample room to expand their market share, currently less than 14 percent.” This is a great time for American companies to make headway in this foreign market,” Sorg said.
AEP customers interested in the U.K. export market or who want more information on AEP’s Going Global program may contact Sorg at 614-883-7722. Applications are being accepted for the upcoming trade mission to the U.K. until July 19.
AEP, a global energy company, is one of the United States' largest investor-owned utilities, providing energy to 3 million customers in Indiana, Kentucky, Michigan, Ohio, Tennessee, Virginia and West Virginia. AEP has holdings in the United States, the United Kingdom, China and Australia. Wholly owned subsidiaries provide power engineering, energy consulting and energy management services around the world. The company is based in Columbus, Ohio. On Dec. 22, 1997, AEP announced a definitive merger agreement for a tax-free, stock-for-stock transaction with Central and South West Corp., a public utility holding company based in Dallas.
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