Delta outsources NAFTA duty program to JP Morgan Vastera
Delta Faucet Co. has contracted JP Morgan Vastera to handle its duty minimization program for parts imported from Canada and the United States, the Dulles, Va.-based global trade management firm said.
Delta operates manufacturing plants in Ontario and the United States.
JP Morgan Vastera will make sure that thousands of parts for faucets and other kitchen and bath products, are properly classified according to the Harmonized Tariff Schedule to meet the lowest possible duty rates available under the North American Free Trade Agreement. The firm will also manage collection of all documentation proving the parts were manufactured in North America. Goods shipped across the border are eligible for the lowest duty rates if 60 percent of their content is produced in the region.
JP Morgan Vastera operates a similar NAFTA program for International Truck & Engine Corp.
Delta is the second major customer JP Morgan Vastera has landed in recent months. Earlier this year, Motorola outsourced its North American import trade compliance to JP Morgan Vastera. That broader arrangement also covers all aspects of customs compliance and trade management for imports into the United States and Canada from other parts of the world.
JP Morgan Chase acquired Vastera in January 2005 to combine automated trade management services with its trade financing services.