Capital goods
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Capital goods are durable goods which are used in manufacturing operations to produce other goods for consumption. Capital goods include machinery and equipment. Capital equipment is equipment used in the production of other products. The equipment is not consumed or incorporated into the new product. According to Stephen Green in an essay on the Export America website, import restrictions established by other countries involving used goods vary by product and country of destination. In the case of used or remanufactured capital equipment, some foreign countries require elaborate documentation including certificates authenticated by the commercial office of their local Embassies or Consulates, and other countries forbid the import of all used or remanufactured machinery. At the same time, many countries permit the unrestricted importation of used or refurbished equipment on the same terms as new capital equipment. Safety and environmental regulations pose additional challenges that make the penetration of certain markets difficult for companies interested in exporting used capital equipment. According to Green, the U.S. Department of Commerce reports that statistical information on U.S. exports of used equipment and remanufactured automotive parts is not available. However, Department of Commerce officials indicate that most inquiries about used equipment come from Latin America and in particular Central America. Commerce Department analysts attribute this trend to ge
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one or more some foreign governments will eventually pass legislation that will require a company wanting to export equipment to insist on reviewing all reconditioning procedures before issuing a permit to import the used capital equipment.
Outlook in coming years: A major business driver for the increased use of remanufactured equipment is the rapid rise of contract manufacturing. By taking over production for U.S. based manufacturers, contract manufacturers need the flexibility to quickly add capacity to meet rapid increases in demand. Contract manufacturers select remanufactured equipment for a several reasons. One reason is that rebuilt equipment it is less expensive than new equipment. Second, if the remanufacturing process is done correctly and the equipment is brought up to or back to OEM standards, this will increase its reliability. Another reason to select remanufactured capital goods is the fact that lead times on delivery is often far shorter than on new equipment. Another reason is that brand name equipment tends to shorten operator and maintenance learning curves and reduce operating errors.
Impediments to Growth: Not all remanufactured equipment is remanufactured the same way. Some remanufactured equip
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Some common words found in the essay are:
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Approximate Word count = 1628
Approximate Pages = 7 (250 words per page)
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