Press Release Article
TWO MAJOR NEW JERSEY FIRMS GRANTED FOREIGN TRADE ZONE STATUS TO STIMULATE ECONOMIC GROWTH AND ADD JOBS
Date: Oct 09, 2002
Press Release Number: 106-2002
Two major New Jersey companies – Van Brunt Port Jersey Warehouse of Newark, and Movado Group, Inc., of Moonachie – have been granted Foreign Trade Zone status to help them expand their businesses and add jobs, the Port Authority announced today.
Both companies are the newest businesses to be granted this status within Foreign-Trade Zone No. 49, which encompasses the New Jersey Marine Terminals and several adjacent facilities. The status allows the companies to defer, reduce or possibly eliminate U.S. Customs duties on goods they import through the Port of New York and New Jersey.
Van Brunt Port Jersey Warehouse is a family-owned company that has served the importing community for 80 years. Van Brunt specializes in the storage and distribution of chemicals as well as general commodities.
With more than 325,000 square feet of warehouse and distribution space in the Port Newark-Elizabeth Marine Terminal seaport, Van Brunt also provides transportation services through its VBJ Transportation and Warehousing Company.
Movado Group, Inc., which is located off the marine terminal, has been granted Foreign Trade Zone \"subzone\" status. A subzone is a special purpose zone established as part of a zone project for a limited purpose that cannot be accommodated within an existing general-purpose zone. Movado will use its facilities for storage, inspection, repair, packaging and distribution of wristwatches, clocks and watch parts. It also distributes a variety of other consumer goods.
\"Foreign-trade zone status helps to maintain and expand jobs in the region,\" said Port Authority Port Commerce Director Rick Larrabee. \"The foreign-trade zone stimulates economic growth and development and improves the bottom line for companies who locate their operations in the zone. It is a valuable asset and has further enhanced our competitive position as a world-class regional hub port on the East Coast.\"
The 2,504-acre Foreign Trade Zone No. 49 includes the Port Newark/Elizabeth Port Authority Marine Terminal complex; the Port Authority Auto Marine Terminal; the Global Marine Terminal, and Greenville Industrial Park, all in Jersey City, N.J. The general-purpose zone and its subzones support approximately 8,000 jobs in the New York/New Jersey region. FTZ No. 49 is among the most active in the nation. In federal fiscal year 2001, the zone received close to $6 billion in foreign and domestic merchandise and forwarded a similar amount both internationally and domestically.