WATERLOO - The world's largest supplier of tool storage products is headquartered in the Cedar Valley and reaches many corners of the globe from its downtown Waterloo offices.

The nearly 80-year-old Waterloo Industries entered the international marketplace about 25 years ago, a market that is now part of its overall business plan.

While the company has specific interests in European markets, it also conducts business in Asia, Latin America and Africa, said Jeff Marshall, director of international sales.

Within those geographies, Marshall said the company's main market segments are the industrial, professional automotive and retail sectors.

"In the evolution of our global reach, we are placing a strong emphasis on in-depth market penetration as opposed to a broad-based approach," Marshall said. "For a supply chain perspective, the focus is clearly on China and the Pacific Rim."

Cultural differences require the company to take substantially more time with international clients.

"Maintaining those relations requires varying interpretations and understanding of foreign partners due to cross-cultural and linguistic differences," Marshall said. "The financial and legal aspects of international business, as well as time differences, add an additional level of complexity."

Aside from the cultural differences, a plethora of other business differences - credit risks, labor laws, international trade and tariff law, currency translation and transactional procedures - also require different approaches when handling over-seas business.

Although there is some crossover with product development, finance and other departments, a dedicated international business department specializes on conquering the unique challenges the company faces with its international clients.

Waterloo Industries is a worldwide manufacturer of tool storage products, including the Craftsman line of tool boxes and tool chests sold by Sears. It was founded in the 1920s as the Waterloo Valve Spring Compressor Co. by Croatian immigrant Nicholas Sulentic and operated by his six sons through the early '90s.

Contact Brandon Coutre

at (319) 291-1461 or brandon.coutre@wcfcourier.com.