V-Tec, Inc., located in Glen Carbon, specializes in the distribution of surgical instruments, particularly for ophthalmologic applications. V-Tec is new to exporting activities.
The International Trade Center has been working with V-Tec since March of this year, helping them with the development of their international business planning and exporting strategies. V-Tec has participated in past seminars and counseling sessions organized by the ITC at SIUE.
Earlier this year, V-Tec acquired the exclusive Latin American distribution rights for the entire line of products from a manufacturer of ophthalmologic and surgical instruments. A large majority of these products are being manufactured in southern Illinois.
The growth of the Latin American economies and the medical services industry has generated high demand for quality precision instruments, which V-Tec now is in charge of offering to this manufacturer.
This past August, Raymond Varady, President of V-Tec, contacted the International Trade Center at SIUE expressing strong interest in participating in a major trade show in South America , MediTech, a specialized trade show created for the health sector in the Andean, Central American and Caribbean regions. This show creates the opportunity to establish direct contact with leaders in the health system, therefore, it provides the ideal stage for launching new products, equipment, and supplies. Mr. Varady indicated during one of the first meetings with the ITC, that this show would generate exporting opportunities for the American surgical instrument manufacturers that V-Tec represents. In addition, he stressed the fact that MediTech would give him a clearer picture of the market potential and a better understanding of the best strategies for market penetration.
The ITC recommended Mr. Varady to apply for STEP funding to participate in the MediTech show and started assisting V-Tec with the application process as well as the coordination of activities for their participation in this trade show.
From May 8-11, Mr. Varady and his partner Mr. Salim Awad participated in the MediTech Expo in Bogota, Colombia. During the show, Mr. Varady and Mr. Awad met with key decision makers as well as industry leaders from Colombia and South America. V-Tec has already reported $10,000 in export sales to Latin America. According to Mr. Varady, V-Tec's sales efforts in Latin America should increase demand and manufacturing requirements for their clients by doubling overall sales in the near future. Their main client from Southern Illinois is prepared for a 200% increase in production.
Mr.Varady expressed great satisfaction with the whole experience and the assistance received by the ITC-"The International Trade Center at SIUE is an outstanding resource for developing international business and exporting strategies. As a Southern Illinois based business, V-Tec connects US manufacturers with Latin American distributors with the objective of increasing exports. We utilize ITC's knowledge of exporting regulations, available STEP funding and US governmental resources in Latin America for our customers benefit. Thanks so much for all your help and assistance. Sincerely, Ray Varady, V-Tec Machine Tools, Inc. /Barracuda Trading Company, LLC"
Mr. Varady and Mr. Awad are now preparing to participate in another major trade show in Colombia and are currently being assisted by the ITC at SIUE with the registration of their new company in Colombia as well as all the certification requirements for storage and sanitary registration with the respective Colombian agencies.