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RESPONSIVENESS ~ FROM DESIGN TO DELIVERY™

  • Trade Financing Costs with International Suppliers
    When purchasing products from overseas there are many costs that businesses overlook. Included in these unforeseen costs are trade financing costs. The Department of Commerce’s “Asset Cost Everywhere” site discusses in-depth the costs of utilizing an international supplier - specifically, the trade financing costs of working with these international suppliers.

    According to the ACE Tool, “financing costs must be considered when a firm’s supply chain extends into other countries.” When sourcing goods from an international supplier, additional costs are something to seriously consider as they can add up quickly.  These costs include special financing costs, upfront payment for goods, taxes, bond premiums, broker fees, storage costs and more.

    Cash Flow Conundrum

    When working with an international supplier, many companies will experience cash flow issues due to the necessities with purchasing internationally.  Unlike domestic suppliers, many international suppliers require payment for goods upfront.  Businesses will have to front the cash earlier than when purchasing domestically.  This also means that goods cannot be inspected before payment. If the product is not up to par, the payment has already been made and getting a refund for the faulty product will take time and the cash will not be liquid during that time period.

    Another international supplier implication that can affect a company’s cash flow is shipping time and associated costs. According to the ACE Tool, “the average travel time for a container vessel from Asia to the US is between two weeks to a month.” The majority of international shipments travel by land and sea as weight costs make it cost prohibitive to ship goods by air.  Due to longer shipping times, many times business are forced to purchase more inventory or order inventory sooner than they normally would, ultimately spending more cash than they would with domestic suppliers.

    Special Financing Barriers

    When purchasing goods internationally, different payment methods may be needed than what is typically used in a domestic transaction. The risk with international transactions is that some exporters may require letters of credit from the importer's bank. A letter of credit means that the bank ensures that payment will be made to the exporter’s bank. There is typically a fee when a letter of credit is needed for a purchase. Payment being made by the bank means that there is no oversight from the importer unlike with domestic transactions. In addition to the special financing arrangements for payment, other costs such as import costs, harbor fees and customs fees are added to the total cost for the shipment. These additional costs would not be necessary with a domestic transaction.

    Consider Implications with International Suppliers

    It is important to consider all costs, trade financing costs included, when selecting a supplier. Many times it makes much more sense to choose a domestic supplier over an international supplier from a costs perspective. Contact Custom Rubber Corp. to learn more about our services and capabilities that could fit your business needs and budget. 
    Posted Tuesday, March 5, 2019 by: Global Administrator
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  • Custom Rubber Corp. Adds More Product Examples

    Custom Rubber Corp. has added new product examples to our website.  Each product example includes a photo of the part and brief text that outlines why the customer chose CRC, any challenges associated with making the part, and generally how the part is used.  Read more...

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  • Problem Solving with 8th Graders

    Custom Rubber Corp.'s President, Charlie Braun, participated in the Shaker Heights Middle School "Design Days" event on May 7, 2019.  Design Days brings in local community members with all types of backgrounds to discuss real-world applications for the Design Process.  Charlie presented a challenge to design a better way to demold one of the rubber products manufactured by Custom Rubber Corp..  Read more...

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  • Custom Rubber Corp. Partners with Cleveland State University

    Custom Rubber Corp. partnered with Cleveland State University (CSU) class on Lean Manufacturing.  A student team took on a 5S Lean Project at Custom Rubber Corp. to put the information from their class into practical application.  Read more....

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  • "Engineer for a Day" Tour

    On February 22, 2019, Custom Rubber Corp. hosted high school students for a day-long exposure to Engineering.  The event is organized annually by Cleveland State University and Custom Rubber Corp. has participated the last three years.  
    The tour event was also the first time Custom Rubber Corp. used a new audio tour guide system.  After winning a $750 prize associated with the "Educational Outreach" award from ARPM (Association for Rubber Products Manufacturers), CRC purchased a system of 10 receiving headphones and a microphone transmitter.  
     

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  • Custom Rubber Corp.'s Innovative Use of Vision Technology

    John Bellett presented at the Industry Benchmarking conference about Custom Rubber Corp.'s innovative use of vision technology, both for part inspection and also for mold safety. (Photo Courtesy of Creative Technology)

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  • Developing Next Generation

    Custom Rubber Corp. presented at the annual industry Benchmarking conference in Indianapolis back in October about their efforts to attract the next generation of folks to the manufacturing industry.

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  • Rubber News article: Custom Rubber Corp. hosts ARPM Tour

    The October issue of Rubber and Plastics News has a two page article discussing Custom Rubber Corp.'s approach to manufacturing employment and some technological investments the company has made.  The entire article is available here....

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  • Custom Rubber Corp. Tour

    On September 26, 2018, Custom Rubber Corp. hosted a tour of High School students from Warrensville Heights High School.  The students are in an Engineering and STEM class.  The students learned a bit about what makes manufacturing in general exciting and also some specifics about molding rubber.  At the end of the tour, the students were given a project....

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  • Custom Rubber - Building the Next Generation

    Custom Rubber Corp. is facing the same challenges many other companies are facing: Where can we find additional, dedicated employees who have some training?
    At Custom Rubber Corp., there is a movement to do something about it....

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  • Custom Rubber Corp Upgrades Quality Capabiltieis

    Custom Rubber Corp. has added significant quality inspection capabilities that utilize the latest in automated vision inspection equipment.

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  • Great Place to Work

    Custom Rubber Corp. released a new video sharing the experiences of employees.  Potential employees can watch to find out what kind of work environment Custom Rubber offers and see the type of work.  Custom Rubber Corp. is now hiring, $11.85 starting wage for night shift.

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  • Custom Rubber Corp. article in Inside Rubber Magazine

    Custom Rubber Corp. was featured in an article in the most recent Inside Rubber Magazine.  The article discusses the continuous improvement approach that Custom Rubber Corp. is taking with Mill Drills and Safety.

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  • Molded Round Seals / Molded Round Gaskets - How To

    Custom Rubber Corp. just updated and added information to the Round Molded Gasket / Round Molded Seals page.  The information includes the three primary ways to produce a round gasket or seal and what the advantages and drawbacks are to each.  Also discussed are three primary technical issues that are important to selecting the right type of round gasket and/or round seal.

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  • Colored Rubber Molding - How To

    Custom Rubber Corp. added content to its website with a host of information about molding colored rubber.  The information includes five reasons why Custom Rubber Corp. is one of the leaders in molding colored rubber products and four reasons why product developers, engineers, and companies in general should consider specifying a color other than black for their next rubber molded component. 

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  • Custom Rubber Grommets - How To

    When desigining a custom molded grommet, there are a number of things to consider.  Custom Rubber Corp. recently added detailed information regarding the issues or questions that need to be answered and an outline of how to work through the steps.

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  • Protective Case Design How-To

    Custom Rubber Corp. has added detailed, step-by-step information regarding how to design a custom silicone rubber protective case for your electronic device or instrument.

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  • Rubber Bellows Design How-To

    Custom Rubber Corp. added information related to designing molded rubber bellows and molded rubber convoluted boots.  Information is now available on the five steps or questions that designers need to consider when developing a custom molded rubber boot or bellow.

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  • New Look For Molded Rubber Products Website

    We're very excited about the recent launch of our new website. Much of the content is carried over - our old site had excellent illustrations of the types of products we make and customers we serve - but the look and feel of the site is much more up to date. We've included some larger photos showing some of our employees at work and have updated many of the product pictures.

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