4 Puerto Rico-based co.’s to invest $8.5M after getting $2M from gov’t
Four local companies will benefit from more than $2 million in economic incentives, granted by the Department of Economic Development and Commerce (DDEC, in Spanish), and in turn, they will invest more than $8.5 million in Puerto Rico, after committing to keep operations going for five years.
The DDEC, which also announced the creation of 132 new jobs and the retention of another 473, will be supporting the companies with the acquisition and installation of machinery and equipment for the expansion of operations, assembly of products, acquisition of transportation, purchase of generators, purchase, and installation of sprinklers, among others.
The local companies that will benefit are Bettina Cosmetics, Techno Plastics Industries Inc., Prime Air and Steel and Pipes.
“Our goal is to strengthen the business ecosystem through robust workforce development, talent retention, access to capital, logistics and connectivity, as well as affordable and affordable energy through renewable energy sources,” said DDEC Secretary, Manuel Cidre.
“In addition, we seek to strengthen and streamline the permit and incentive processes quickly and expeditiously, positioning our island as the best jurisdiction to do business,” said Cidre.
Bettina Cosmetics is dedicated to the production of beauty products, has more than 50 years in the market, and currently exports 35% of its production to the Florida market.
Techno Plastics Industries Inc. has had continuous growth in the medical device industry in Puerto Rico, the United States, Mexico, Europe, and Asia.
In addition, it supports industries such as aerospace, electronics, electrical and food, as well as multinational companies that develop new products and improve existing ones.
Meanwhile, Prime Air provides air and sea cargo transport services, logistics and storage for the national and international market.
With its allocation, the company will buy machinery and equipment, and the infrastructure needed to build a new temperature-controlled warehouse, with humidity control and redundancy, to provide cold chain storage services for the pharmaceutical and medical device industries.
Rounding out the list is Steel and Pipes Inc., which operates and manufactures steel products and structures, polyvinyl chloride products, stairs, garage doors, fences, retractable mosquito nets and storms, structural profiles, standing seam and other related products. “Thanks to an innovative and effective economic incentives system, which we use with fiscal responsibility and complying with all established parameters, we’re constantly attracting new investments, creating new jobs, and helping existing companies retain their jobs and expand,” said Gov. Pedro Pierluisi.