MetalMax Caribe LLC. opens $1.3M manufacturing plant in Naranjito
Puerto Rican operation MetalMax Caribe, LLC. unveiled its development plans to the Department of Economic Development and Commerce (DDEC, in Spanish) that include a new plant for the manufacture and distribution of products made with a variety of metals such as aluminum, galvalume, stainless steel and galvanized steel, for the construction industry, among others.
This new project involves a $1.3 million investment and the creation of 10 new jobs in 18 months. The payroll for new regular jobs totals $230,600, company officials said.
“At the DDEC we’re very proud to see how Puerto Rican entrepreneurs give their all to move their businesses forward,” said DDEC Secretary Manuel Cidre, announcing that $110,000 in incentives will be awarded to the new company in Naranjito.
Incentives will be awarded to buy equipment and machinery and to recruit 10 full-time employees. The economic stimulus is offered through the Economic Incentive Fund created by Law 60-2019, he said.
The incentive for job creation will be paid annually based on the average number of jobs created during the year.