Cybex International, Medway, Massachusetts, was presented with the President's "E" Star Award for Exports at a ceremony in Washington, DC, on Monday. The award is the highest recognition a U.S. entity can receive for making a significant contribution to the expansion of American exports.
"Exporting continues to be the foundation of our sales growth, and we are honored to receive the 'E' Star Award," Kristopher Neff, president, Cybex, said in a statement. "Cybex first began exporting in the 1970s, and now the business has grown to more than $40 million and 30 percent of our annual sales. We're extremely proud of our global team members and distribution partners who work tirelessly to build and strengthen our international export business."
Cybex designs and builds its products in the United States for a wide range of facilities, from commercial health clubs to home gyms, in more than 85 countries.
U.S. Secretary of Commerce Penny Pritzker presented the award to Cybex.
"Cybex International has demonstrated a sustained commitment to export expansion," Prtizker said in a congratulatory letter to Cybex. "The 'E' Awards Committee was very impressed with Cybex International's customization of its products for export markets. The company's participation in trade shows and events was also particularly notable. Cybex International's achievements have undoubtedly contributed to national export expansion efforts that support the U.S. economy and create American jobs."
U.S. companies are nominated for the "E" Awards through the Department of Commerce's U.S. Commercial Service office network, located within the Department's International Trade Administration, with offices in 108 U.S. cities and more than 70 countries. Record years of successive export growth and an applicant's demonstration of an innovative international marketing plan that led to the increase in exports are significant factors in award selection.
In January, Cybex was acquired for $195 million by Brunswick Corp., the parent company of Life Fitness, Lake Forest, Illinois. Brunswick's fitness segment, which also includes the SCIFIT brand, reported first quarter 2016 revenue of $185.6 million and 2015 revenue of $769.3 million.