Miami-based
Smith Sterling Dental Laboratories said Thursday
it was expanding its plant in Costa Rica and hopes
to
create 1,500 new jobs over the next five
years.
The company began operations in Costa Rica in 1994 and exports 7,000 dental
crowns and bridges monthly to the United States. Owned by Glidewell Laboratories,
it now employs 220 people in Costa Rica.
President Abel Pacheco attended the announcement of the expansion plan, calling
it a part of the government's effort to attract foreign investment.
Smith-Sterling Dental Laboratories was founded 10 years ago in Cartago producing
high-quality, low- cost crowns for U.S. dentists.
IFC Provides $40 Million to Banco Banex
The
International Finance Corporation (IFC), the private
sector arm of the World Bank Group, signed an agreement
to provide a us$40 million five-year loan to
Banco Banex S.A., a leading private bank in Costa Rica, to help diversify and
increase the average maturity of the bank’s funding base as well as support
its expansion in corporate and consumer lending, especially mortgage operations.
IFC’s funding will help Banex continue providing long- term financing
to corporations and consumers.
Such financing is not easily available in Costa Rica, and it is crucial to
the country’s economic growth. IFC’s transaction with Banex will
support private sector participation in the country’s banking sector,
which can improve benchmark standards and competition while customers benefit
from greater efficiency and international experience. IFC’s term funding
will also help Banex better match the balance sheet structure of its assets
and liabilities as it continues making longer-term loans.
Wal-Mart Announces Central American Investment
John
Menzer, President and Chief Executive Officer of
Wal-Mart International announced today the purchase
of
a 33-1/3% interest in Central American Retail
Holding Company (CARHCO).
CARHCO is Central America's largest retailer, with 363 supermarkets and other
stores in the following five countries: Guatemala (120), El Salvador (57),
Honduras (32), Nicaragua (30) and Costa Rica (124). CARHCO has approximately
23,000 associates. Its sales during 2004 were approximately $2.0 billion.
Wal-Mart acquired its interest in CARHCO from the Dutch retailer Royal Ahold
NV. The purchase price was not disclosed. CARHCO was
formed as a joint venture in 2001 with three equal partners:
Ahold and two Central American groups: the Paiz family,
the major shareholders of La Fragua, with headquarters
in Guatemala, and Corporacion de Supermercados Unidos
(CSU), with headquarters in Costa Rica.
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