Economic Development Encourages Retention and Job Creation, Supporting Abbott Expansion in Barceloneta
Manuel Cidre Miranda, Secretary of the Department of Economic Development and Commerce (DEDC), announced the allocation of $2,610,000 in incentives from the Special Fund for Economic Development to Abbott’s Puerto Rico facility to create and retain jobs and acquire machinery and equipment to expand operations.
"The priority of this government is to help the private sector grow. The contribution of the manufacturing industry accounts for 47% of Puerto Rico's Gross Domestic Product, so it is our duty to support this industry that employs 74,000 direct jobs," said Pedro Pierluisi, Governor of Puerto Rico.
"The Department of Economic Development and Commerce granted this incentive to Abbott after evaluating their proposal to expand their operations in Puerto Rico with a substantial investment in machinery and equipment over the next three years to support their operations here and continue to be an economic driver in Puerto Rico. This project also focuses on the retention of current positions at the Abbott facility as well as the creation of up to 75 new regular positions over a 5-year period," Cidre Miranda reported.
The DEDC’s Secretary pointed out that Abbott was awarded incentives for the retention of more than 400 employees over a 5-year period, starting on the date of operations. The incentive will be paid annually, based on the average number of jobs created and/or retained in the year completed. Incentives’ payment ends seventy-two (72) months after the start date of operations or when the maximum approved amount is disbursed.
The incentives will also support Abbott in the acquisition of machinery and equipment needed for the expansion of manufacturing facilities. The company, once the incentives are disbursed, must maintain the operation for five consecutive years, from the date of signing the agreement.
"We are confident that this funding provided by the Government of Puerto Rico to Abbott, a company that has been here for fifty years, will result in greater employability and quality of life in the region. We thank Abbott for its commitment to our island. In the DEDC, we will continue working as a team between the private sector and the government, for the well-being of Puerto Rico's economic development," Cidre Miranda concluded.
Abbott is a global healthcare leader that helps people live more fully at all stages of life. Abbott began operations in Puerto Rico under a classification of New Business of continental origin, pledging to create more than 70 jobs in the territory to support the company’s Vascular and Diagnostics divisions. Currently the company employs nearly 500 employees in Puerto Rico and invests millions of dollars on the island to support employment and infrastructure that helps the company provide life-saving products to customers around the world.