Copan Industries Inc. announces $78M expansion in Aguadilla
Copan Industries Inc. in Aguadilla has announced an $78 million expansion of its facilities, $9 million of which will be used primarily for construction, while the remainder will be used for machinery and equipment, officials said.
“This expansion will help more professionals have job opportunities, stay here and contribute to the economic development of our island,” said Manuel Cidre Miranda, secretary of the Department of Economic Development and Commerce (DDEC, in Spanish).
The company pledged to maintain its operation on the island for five years, as well as to triple its 100 existing jobs to 352 by the end of the expansion. As a result, the DDEC approved $23 million in incentives, of which a little more than $1 million is intended to assist in the recruitment of personnel and the other $22 million to buy machinery.
This project will help aid efforts against COVID-19 since the swab used for sampling the disease is manufactured in Aguadilla. The company’s expansion calls for occupying the entire leased building plus the possibility of building additional space, government officials said.
Job creation incentives — which Cidre said will return to the economy in about three years —will be paid based on the average number of jobs created at the end of the year. At the same time, the motivation to buy equipment and machinery will be to help Copan buy them to establish a new production line in Aguadilla, officials said.
The incentives will be reimbursed at a rate of 25% of the company’s investment, Cidre said. After implementing the incentive agreement, Copan will then be responsible for the normal operation of the facility during the five-year period.
“The highly qualified workforce, in addition to our excellent human capital’s interest to learn and develop, have been key in the growth of our business in Puerto Rico, in addition to the business opportunities that exist when manufacturing in American territory,” said Efraín Rodríguez, CEO of Copan Industries Inc.
Copan was founded in Italy in 1979 and expanded globally since, reaching Puerto Rico three years ago. Since then, it has embarked on a multi-million-dollar expansion and is committed to creating new jobs in the western region, Cidre said.
“The establishment of our company in Puerto Rico has proven to be fertile ground for the expansion and growth of our business globally,” said Stefania Triva, president of COPAN Group.