Local Company Kringstad Ironworks Make Nearly $1.5M Sale to Russia
FARGO, ND – The North Dakota Trade Office (NDTO) announced today that North Dakota’s exports for the first quarter of 2012 increased 35.1 percent over the same period in 2011, the second fastest growth rate in the nation after New Mexico, according to U.S. Department of Commerce statistics. North Dakota’s first quarter export figures exceeded $1 billion for the first time in the history of the state.
“North Dakota’s exports exceeding $1 billion in the first quarter alone, for the first time in our history, is a milestone for our state,” said NDTO Executive Director Dean Gorder. “Local businesses continue to boost their bottom line and diversify their customer base by pursuing new sales abroad. An over 400 percent increase in exports since 2000 shows that the benefits of exporting are becoming known throughout North Dakota.”
North Dakota exports grew significantly in many of the state’s top destinations including Canada (56%), Australia (120%), Russia (330%), Venezuela (69%) and Kazakhstan (120%). Many other ND export destinations reported solid gains. Top export products included front end shovel loaders, agricultural tractors, soil-related agriculture equipment, wheat, legumes, crude oil and tractor parts.
Kringstad Ironworks, a custom fabricator and sugarbeet equipment manufacturer located in Park River, ND, capitalized on opportunities Russia with the company’s first international export of the Kringstad Ironworks 4818 Sugarbeet Piler. The first sugarbeet piler shipped to Prodimex, the second largest sugar manufacturer in Russia, sold for nearly $1.5 million; the Russian company plans to purchase four more Kringstad Ironworks pilers within the next two years.
“When you look at the total yearly figures for a small business like Kringstad Ironworks, this nearly $1.5 million sale to Russia is a significant percentage of our business,” said Bernie Kringstad, president of Kringstad Ironworks. “It’s amazing to think that the Kringstad Ironworks Sugarbeet Piler will help ease the production challenges of the second largest sugar producer in all of Russia.”
NDTO assisted Kringstad Ironworks by organizing meetings between Prodimex, Kringstad, and other stakeholders, arranging translation services and assisting with contract creation. Providing these services gives Kringstad Ironworks, and other NDTO members, a greater comfort level in entering international markets.
NDTO has organized trade missions in recent years to many of the countries with export gains including Russia, Kazakhstan, Ukraine, Uruguay, Korea and Indonesia. Since 2000, exports from ND have increased over 400 percent, from approximately $626 million in 2000 to over $3.3 billion in 2011.