The Puerto Rico Industrial Development Company (PRIDCO), under the Department of Economic Development and Commerce (DDEC), recently closed a $52 million loan with FirstBank to finance the expansion of CooperVision's facilities in Juana Díaz.
“CooperVision has chosen Puerto Rico as a preferred business destination since its entry into the island. Today we are very pleased to announce the signing of a loan for an expansion that positions Puerto Rico as the base for CooperVision's global manufacturing operation. This momentous expansion involves an investment of over $104 million and the creation of 725 new jobs with an annual payroll of $32 million. It will increase CooperVision's production capacity and positions its manufacturing operations in Puerto Rico as its global manufacturing hub,” said Manuel Cidre, secretary of the DDEC.
This project represents a significant advance in the economic development of the southern region of Puerto Rico and the strengthening of the medical device industry on the island, reports The News Journal.
The proposed expansion, financed through a loan agreement with the bank, involves the construction of an additional 196,000 square feet to the existing plant, which will make it its largest manufacturing center in the world.
Since its establishment in Puerto Rico in 1985, CooperVision has been a pillar in the medical device industry, offering high quality products and generating hundreds of jobs. The Juana Díaz facility, operational since 1999, has played a crucial role in the global production of contact lenses, contributing significantly to the local economy.
“This type of expansion in pharma has not occurred on the island in the past 30 years. This announcement joins CooperVision's recent acquisition of Roche's Ponce facility for the expansion of its manufacturing line with the creation of 450 new jobs and an investment of over $125 million. We are grateful for the confidence of the CooperVision board in Puerto Rico, the commitment of Rolando Torres, global COO of manufacturing and his local team, because without their effort and commitment this great expansion would not have been possible. The jobs in Juana Diaz and Ponce represent a significant economic boost for the entire southern region and Puerto Rico,” added Cidre.