StandardAero’s Components Now a Foreign Trade Zone
StandardAero announced that its components business in Cincinnati, Ohio, has been designated a foreign trade zone. FTZs are sites approved by the Foreign Trade Zone Board where imported goods can be stored or processed with duty-free treatment on items that are re-exported or where duty payment can be deferred.
“While there is some cost impact, the primary advantage of the foreign trade zone for StandardAero and its customers is streamlining the flow of international orders to our facility. Foreign trade zone status does reduce customs fees, duties and taxes but it also provides a quicker turnaround time for our customers by eliminating any potential delays due to customs clearance,” Jack Lane, v-p sales and customer service, StandardAero Components, told AIN.
A spokesman for the MRO said the facility invested in dedicated compliance personnel.