Café Oro to expand operations with $2.4M investment, DDEC incentives
Puerto Rican coffee producer Café Oro will expand its manufacturing operations with a $2.4 million investment in equipment, in keeping with plans to export its product.
The company has also received the support of the Department of Economic Development and Commerce (DDEC, in Spanish) through incentives, agency Secretary Manuel Cidre confirmed.
To achieve its expansion plans, Café Oro, a company located in the town of Lares, will be creating 15 new jobs, with an estimated payroll of $292,500 and will retain 19 jobs. The DDEC approved credits for up to of $54,400 to create and keep jobs over a five-year period.
“We’re extremely pleased to support the development of the local coffee industry, by granting these incentives that will serve for the creation and retention of jobs in the Lares region, supporting its production with modern machinery that will allow it to start exporting, and delivering delicious Puerto Rican coffee outside our borders,” said Cidre.
Café Oro will also receive incentives from the Special Fund for the Economic Development of Puerto Rico for $1.2 million to buy equipment and machinery, including installation, calibration and start-up. All of this seeks to support Café Oro’s coffee roasting operations.
“Our vision of being the preferred coffee of consumers in Puerto Rico and being able to export our coffee outside the island, is becoming a reality,” said José Torres-Olivencia, president of Café Oro.
“Thanks to our employees, who strive every day to produce a better product, and to consumers for supporting our coffee. We hope to continue our growth and at the same time help the economic development of Puerto Rico,” he said, adding that Café Oro owns its farms, processing and roasting facilities to guarantee the quality of its product.