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Comar Puerto Rico Sold To New Local Cooperative
MarCoop Molding pays $3.2 million to buy injection-molding plant
BY MARIALBA MARTINEZ
June 13, 2002
Comar Puerto Rico employees organized into a cooperative and paid $3.2 million to buy the Fajardo pharmaceutical and medical devices injection-molding plant at which they work, confirmed Cooperative Development Administrator Irma Hilerio.
"The new cooperative will be known as MarCoop Molding," said Hilerio. "It was initially incorporated by 54 employees with the assistance of Fajardos Roosevelt Roads Savings & Credit Cooperative, which provided a $5,000 capitalization fee for each employee and a credit line."
The Economic Development Bank, the Treasury Department, and the Puerto Rico Industrial Development Bank also assisted in the process. Former Comar managers Jaime Velez and Alfred Alvarado were named general manager and president, respectively, of MarCoop Molding.
Last February, Comar Marketing Manager John Henry Ruggieri confirmed to CARIBBEAN BUSINESS that the company was for sale. At the time, it was rumored that several pharmaceutical and plastics corporations were interested in buying the plant, including lead candidate and former Comar client Pall Corp.
According to Hilerio, when Comar heard that employees were willing to organize a cooperative to purchase the plant, it proposed selling the property, the facility, and all equipment & machinery. Ruggieri also said that MarCoop Molding would fulfill clients orders and receive technical assistance from Comar.
Established in Puerto Rico in 1985, Comar makes glass vials, plastic bottles, eyedroppers, and other medical devices components for companies such as Abbott Laboratories Inc., Bristol-Myers Squibb Inc., and Stryker Corp. Despite a $500,000 expansion in 2000, the company was affected by increasing operational costs and reductions in sales.
Parent company Comar is a New Jersey-based manufacturer of custom tubular glass vials, media tubes, precision-made plastic-molded containers and components, dropper assemblies, closures, and aluminum seals for the pharmaceutical, medical devices, diagnostic, and personal care markets.
This Caribbean Business article appears courtesy of Casiano Communications.