New Philadelphia-area FTZ
The Philadelphia Regional Port Authority and 5K Logistics Inc. said they have opened a general purpose foreign trade zone in Bensalem, Pa., on Interstate 95, north of the Port of Philadelphia.
PRPA is the grantee of Foreign Trade Zone No. 35 and FTZ status has been granted to an 80,000-square-foot warehouse operated by 5K Logistics, which will offer a range of logistics services.
“The new FTZ will allow us to serve our customers even better, allow them to tie in to other 5K offerings and services, as well as access the Port of Philadelphia,' said Paul McGrath, president of 5K Logistics.
The foreign trade zone program is a U.S. government initiative to promote U.S. manufacturing by giving businesses a way to reduce or delay customs duties and to facilitate quota limits. General purpose FTZ status is designed to benefit all shippers and manufacturers, especially small and mid-sized companies, and can assist with such services as specialized processing, export packing and labeling.