Hydraulic Institute Organizes Small Business Network for Members

04.12.2001

PARSIPPANY, NJ, October 31, 2001 - At the recent Hydraulic Institute (HI) Fall Management Conference, HI announced the formation of a new Small Business Network. This network is designed to facilitate services for HI's base of small- to medium-sized business members, representing those companies who employ fewer than 350 people and/or earn less than $100 million in revenue.

The Small Business Network has been established to offer members an opportunity to explore common business interests. These might include co-development of technology and products, purchasing cooperatives, strategic alliances, and licensing agreements. The network will also offer a forum for discussion of import/export issues and other business opportunities, according to Robert Asdal, executive director of HI.

"Smaller and medium-sized companies inevitably approach business decisions differently than larger ones. They also don't have the same resources. HI's Small Business Network provides members with a competitive arena in which to explore various business opportunities relevant to them," explained Asdal. "Two years ago, Europump started a similar program (SME) for small, independent pump companies. HI plans to do the same for its members. So far, the response has been quite positive."

Among future topics to be addressed by the Small Business Network include:

  • common issues of interest and concern, such as human resources, business management

  • opportunities for qualifying companies to present themselves as candidates for either merger or acquisition

  • new HI membership services, such as a national credit union for employees of small to medium-sized firms, guaranteed issue long-term health care insurance and other discount services

  • joining with companies that are members of Europump, or other national or international associations, to enhance opportunities for business on a trans-Atlantic basis

Chief executive officers or their designated representatives are eligible to participate as members of the HI Small Business Network. Participation is limited to one representative from each eligible member company. Meetings will be held twice a year in North America, at HI's Annual Meeting and Fall Management Conference. Europump will hold a meeting of its SME network at their Annual Meeting, to which interested HI members will be invited.

The 83-year old Hydraulic Institute, the largest association of pump producers in North America, services member companies and pump users by providing product standards, and forums for the exchange of industry information. For more information on the Hydraulic Institute, its Small Business Network, and extensive line of products available through the E-store, visit the HI website at www.pumps.org. Requests may also be faxed to (973) 267-9055 or mailed to 9 Sylvan Way, Parsippany, NJ 07054. Visitors to the HI web site are invited to sign the HI Guest Book to receive future notices of new standards, ongoing energy savings tips and updates on educational offerings.

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