TODAY NICARAGUA – Incesa Standard is moving its Costa Rica manufacturing operations to Nicaragua, generating more employment in the country.
The company said it is closing its Costa Rica plant due to high production costs, laying off 150 in that country.
“This is part of a process of modernization and expansion to remain a competitive company,” said Angie Ortega, an official press agent for the company in Costa Rica.
According to Ortega, in Nicaragua the company will be hiring more workers as production increases, but did not specify the number of employees it would be hiring.
“The company will be making new investments in both countries,” said Ortega.
For its part, the Multilateral Investment Guarantee Agency (Spanish: Organismo Multilateral de Garantía de Inversiones) will provide a guarantee the US$11 million dollars investment to the Colombian parent company, Corona, for the expansion and modernization of the Cerámica Centroamericana S.A., (Incesa) in Nicaragua, said the World Bank.
The MIGA guarantee is to protect against risk transfer restriction, expropriation, war or civil disturbance.
Corona acquired a majority interest in Incesa and American Standard in Central America. Founded in 1881, Corona is of one of Colombia’s largest conglomerates.