Dept. of Econ. Dev’t grants $2.6M to Abbott for job creation, retention
The Department of Economic Development and Commerce (DDEC, in Spanish) announced the the allocation of $2.6 million in incentives from the Special Fund for Economic Development to Abbott’s Puerto Rico facility to create and retain jobs and acquire machinery and equipment to expand operations.
“The Department of Economic Development and Commerce granted this incentive to Abbott after evaluating their proposal to expand their operations in Puerto Rico with a substantial investment in machinery and equipment over the next three years to support their operations here and continue to be an economic driver in Puerto Rico,” agency Secretary Manuel Cidre said.
“This project also focuses on the retention of current positions at the Abbott facility as well as the creation of up to 75 new regular positions over a five-year period,” Cidre said.
Cidre said Abbott was awarded incentives for the retention of more than 400 employees over a five-year period, starting on the date of operations. The incentive will be paid annually, based on the average number of jobs created and/or retained in the year completed. Incentives’ payment ends 72 months after the start date of operations or when the maximum approved amount is disbursed.
The incentives will also support Abbott in the acquisition of machinery and equipment needed for the expansion of manufacturing facilities. The company, once the incentives are disbursed, must maintain the operation for five consecutive years, from the date of signing the agreement, he added.
“We’re confident that this funding provided by the government of Puerto Rico to Abbott, a company that has been here for 50 years, will result in greater employability and quality of life in the region,” said Cidre.
“We thank Abbott for its commitment to our island. In the DDEC, we will continue working as a team between the private sector and the government, for the well-being of Puerto Rico’s economic development,” Cidre Miranda concluded.
The manufacturing industry accounts for 47% of Puerto Rico’s Gross Domestic Product, “so it’s our duty to support this industry that employs 74,000 direct jobs,” said Gov. Pedro Pierluisi.