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Twenty Local Companies Rescued; $173.1 Million In Tax Credits Issued
Pridco Credits Law 109 With Saving 1,170 Jobs
By MARIALBA MARTINEZ
June 12, 2003
Twenty local companies that were about to close have been purchased by other companies that took advantage of Law 109 of Aug. 17, 2001. The law provides up to a 50% tax credit on the purchase of a majority of a corporations stocks, construction or other improvements to a facility, or the purchase of equipment & machinery.
"Law 109 is one of Gov. Calderons initiatives to keep jobs from being lost," said Pridco Executive Director Hector Jimenez Juarbe. "It reduces acquisition costs for exempt businesses operating under Puerto Ricos tax incentive laws that want to buy a closing operation by offering up to 50% tax credits. This law encourages the acquisition of exempt businesses, stimulating the retention and creation of jobs."
According to the Puerto Rico Industrial Development Co. (Pridco), approximately $173.1 million in tax credits have been issued to acquiring companies since the law went into effect.
Officials said the acquisitions have saved at least 1,170 jobs that would otherwise have been lost.
Companies Purchased through Benefits of Law 109 of Aug. 17, 2001
Purchasing Company / Closing Company / Jobs Saved / Tax Credit / Certification Date
Abdiel Rivera Lebron, Neftali Rivera Nieves & Lucy M. Lebron Cruz / Artec Inc. / N/A / N/A / N/A
RJ Reynolds International B.V.--R.J. Reynolds Tobacco Co. (Del)--R.J. Reynolds Tobacco Co. (NY) / JT International Manufacturing Inc. / N/A / N/A / N/A
Sunoco / Shell Chemical / 155 / $125,000,000 / 12/12/01
Pan American Grain / West Pharmaceutical / 15 / $14,000,000 / 12/12/01
CF Foods / Delogar / 30 / $500,000 / 4/12/02
Cooperativa Mar-Coop Molding / Comar PR Inc. / 372 / $2,500,000 / 5/12/02
Packaging Solutions / Thermoflex Corp. / 53 / $4,000,000 / 6/12/02
Y-Nuina Inc. / Pillsbury Puerto Rico Inc. / 200 / $2,620,418 / 8/1/02
Alvaro & Luis Silva / Caribe Candle Corp. / 35 / N/A / 8/1/02
IFCO Recycling Inc. / Papiro Inc. / 10 / $3,000,000 / 8/1/02
Acerias de Colombia, S.A. / Ventares Steel d/b/a Platt Metal Mfg. / 20 / $1,887,536 / 8/12/02
Kingdom Packing Co. / AJM Meat Packing / 50 / $1,800,000 / 9/12/02
SPC Molding / Security Plastics Inc. / 140 / $1,000,000 / 10/11/02
Rafael Nin & Grupo de Inn / AA-10,000 Corp. / 50 / $15,000,000 / 10/14/02
J.M. Torres Inc. / Parker de Puerto Rico Inc. / N/A / $79,665 / 11/15/02
PCB Horizon Technology Inc. / Viasystems PR Inc. / N/A / $1,500,000 / 11/15/02
James Love / Palmas Printing Inc. / 40 / N/A / 12/13/02
Caribbean Coop / Pan Am Shoes Inc. / N/A / $180,000 / 2/24/03
Caribe G.E. International Relays Corp. / Thermometrics / N/A / N/A / 3/18/03
Guayacan Private Equity Fund Limited Partnership, Venture Capital Fund Inc. & Edwin Padua Valentin / Eden Manufacturing Inc. / N/A / $500 / 3/25/03
N/A = Not Available
Source: Puerto Rico Industrial Development Co.
This Caribbean Business article appears courtesy of Casiano Communications.