February 2, 2021
Stepping up our efforts to help our customers and suppliers grow and expand, AEP’s Economic & Business Development (AEPED) team today announced partnerships with the Reshoring Institute and the Reshoring Initiative to help relocate overseas production operations back to the U.S.
The announcement comes as American companies look for solutions in the face of daunting logistics challenges caused by international political, social, and more recently, public health crises. Re-shoring, or moving operations back to the U.S., is an emergent opportunity for economic development in our communities.
With our two new collaborators, we will provide resources and support to customers as they explore reshoring opportunities. As part of the initiative, AEP is assessing its own internal supply chain for opportunities to buy local as part of our ongoing efforts to expand supplier diversification.
AEPED’s business attraction team is spearheading the effort.
“We’re anticipating our customers’ needs and can act as a strategic resource as they re-evaluate and optimize their supply chains in the wake of COVID-19, other industry disrupters, and growing consumer preferences for local products.” said, Tim Wells, VP of sales, economic and business development.
Offshoring costs have gone up with rising prices in foreign energy, labor and transportation costs. Meanwhile, reduced supply chain costs and consumer preferences for buying local has grown at home.
The Reshoring Institute and the Reshoring Initiative are among the leading organizations providing expertise and support in the reshoring movement.
“We expect our partnership with American Electric Power, our first utility sponsor, to provide considerable benefits to companies evaluating or starting reshoring projects in AEP’s service area,” said Rosemary Coates, executive director of the Reshoring Institute.
“We’re excited to partner with AEP to assist its customers and suppliers as they explore the potential to reshore their operations and supply chains,” said Harry Moser, founder and president of the Reshoring Initiative.
About The Reshoring Initiative
The Reshoring Initiative, a non-profit organization founded in early 2010, helps manufacturers realize that local production, in some cases, reduces their total cost of ownership of parts and tooling. The Initiative also trains suppliers how to sell against lower priced offshore competitors.
About The Reshoring Institute
The Reshoring Institute, is a 501c3 non-profit, non-partisan organization that is a research and consulting group offering free, downloadable economic research, white papers, and case studies. They also offer experienced management consulting assistance at reasonable fees for reshoring, labeling, and sourcing projects. The Reshoring Institute’s mission is to provide research and consulting for companies bringing manufacturing and services back to America and to educate student interns about the business of manufacturing.
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