President’s “E” Award Presented to Louroe Electronics For Major Contribution to U.S. Exports
U.S. Secretary of Commerce Penny Pritzker presented Louroe Electronics, Van Nuys, Calif., the President’s “E” Award for Exports in a ceremony at the Department of Commerce on May, 18, 2015. The award recognizes Louroe Electronics’ outstanding achievement in export growth and for its significant contributions to the overall increase of U.S. exports.
Established in 1961 by Executive Order 10978, the “E” Award Program honors America’s exporters. This year, the award was given to organizations who have had four years of successive export growth and whose export expansion has been measurable, innovative, sustainable and demonstrated a broad impact. The “E” Award remains the highest recognition any U.S. entity may receive for making a significant contribution to the expansion of U.S. exports.
“Louroe Electronics has demonstrated a sustained commitment to export expansion,” said Secretary of Commerce Penny Pritzker in her letter to the company announcing its selection. “The “E” Awards Committee was very impressed with Louroe Electronics’ strategic development of international business opportunities to support company growth. Louroe Electronics’ achievements have undoubtedly contributed to national export expansion efforts that support the U.S. economy and create American jobs.”
Richard Brent, CEO of Louroe Electronics stated, “We are honored to be recognized for our export achievements with the President’s “E” Award for Exports. Louroe is deeply committed to increasing security while simultaneously strengthening economies across the globe. We know none of this would be possible without the Department of Commerce. We express our deepest gratitude to the Department of Commerce and all of the invaluable trade opportunities it has provided, which have directly led to Louroe’s expansion of business and partnerships in Latin America.”
Louroe Electronics has continually championed and been involved in the Department of Commerce’s trade initiatives. In 2012, Louroe Electronics participated in its first trade mission, and as a result of the trip, Louroe Electronics’ sales increased by 1200 percent in the Mexican market. Louroe Electronics, along with 17 other companies, joined Secretary Pritzker on her first trade mission to Mexico in January 2014. The company later attended the 2014 Trade Winds: The Americas initiative, which was a business development conference and trade mission taking place in Central and South America. In September 2014, the audio manufacturer joined in the Safety and Security Trade Mission to Panama and Colombia.
Louroe Electronics was eager to expand its exports to these countries as they are two of the largest prospective markets for the U.S. thanks to the free trade agreements that make over 80 percent of U.S. exports duty-free. Three months later, Brent participated in the U.S.-Mexico CEO Dialogue, which is a coalition of Mexican and American business leaders who meet to discuss how to enhance economic growth between the two countries. By the end of 2014, Louroe Electronics was exporting its audio monitoring security solutions to more than 50 countries.