Draper, Utah (July 28, 2001) – Hoggan Health Industries, Inc. has been awarded a Federal grant from the United States Government. The Federal grant will assist Hoggan in competing with the large increase in import activity in the commercial fitness and exercise equipment marketplace. With the assistance of the Rocky Mountain Trade Adjustment Assistance Center, Hoggan will be receiving substantial funding in the areas of new product development and marketing to help combat the onslaught of imported exercise equipment. "We are losing business to Canada and Asia primarily because labor costs and the value of the U.S. Dollar against their currencies. It is great to see our government assisting small businesses to combat the influx of imported products from other countries," stated Lynn Hoggan President of Hoggan Health Industries. The Federal grant awarded to Hoggan will go towards new product development and marketing. It also includes a thoughtfully designed business plan to help guide the small American company. The government hopes that with advertising combined with new business strategies will help Hoggan Health Industries in the introduction of new and innovative products.
Competition from foreign markets is not a new problem to the U.S. economy. It affects virtually every industry segment in America. Other countries with less protective labor laws can manufacture and assemble products much cheaper than we can. It is necessary for us as American employees that we are protected and paid a fair wage. Unfortunately the laws of our market economy also work against us in this case.
Consumers buy products at the lowest possible price. Competition is important in any market to keep prices in check and to provide consumers with options. The problem arises when the cost drives our own American consumers to choose foreign-made products. In essence, we are sending our hard earned American dollars to other countries. In seeking the best bargain, choosing imported products, we are driving our own economy down and weakening our economic power.
The success of the American businesses and ultimately the U.S. economy really doesn't depend on our government organizations, however. The health of our economy depends on every U.S. consumer. Even with the best advertising and most skillful business management, the choice is still the consumer’s. In 2001 we spent $851 million on imported exercise equipment. That is money we could have put back into our own economy and supported our fellow. Support your country; protect your economy BUY AMERICAN!
The fitness industry is one of the markets that are taking a direct hit from this foreign competition. It is tough on the work force employed by these companies, but the unfortunate thing is what it does to the U.S. economy. The U.S. Government realizes the full impact of this problem in the modern, industrialized world. With programs such as this grant, the government is working to boost sales and profits for American small businesses like Hoggan Health Industries.
Hoggan Health Industries manufactures top-of-the-line strength, rehabilitation, and cardiovascular fitness equipment for fitness, institutional, recreational, rehabilitative, and consumer uses.
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