- April 1, 2021
- Posted by: medium
- Category: National
This week it was reported on an investment of $ 200 million that the Ecuadorian company will make in Panama, through Grupo Rey, which it acquired in 2018.
Favorite Corporationplans to invest in Ecuador around$ 750 million through 2022and generate new direct employment positions, the company reported through a statement, in which it indicated that in 2020 alone it generated more than1,200 new jobs, with which there are almost 10,000 employees in the parent company and 15,000 when including its subsidiaries in the country.
The announcement comes two days after it was reported from Panama that the Ecuadorian company will invest$ 200 millionin that country for the next five years. This, through Grupo Rey, of that country, which was acquired through apublic offer of acquisitions (OPA)by the Ecuadorian firm in November 2018.
Grupo Rey groups 80 stores from Rey, Romero, Mr. Price supermarkets and Metro pharmacies.
In Ecuador, the company indicated that in compliance with its five-year investment plan it has executed a series of projects related to the implementation of technology, innovation processes, optimization of production processes, opening of new premises, adaptation of existing premises, equipment and logistics, clean and renewable electricity generation and projects for the adequate management of natural resources and waste.
He added that in 2020 the company contributed$ 107 millionto the treasury (for income tax, temporary one-time contribution, tariffs, municipal taxes and others) and made community donations for$ 5 millionrelated to the pandemic.
Meanwhile, regarding investment plans in Panama, Corporación Favorita pointed out that “it has had the support of direct credits from the BID Invest, the investment office for the private sector of the Inter-American Development Bank (IDB)”
He added that the construction of the Grupo Rey chain's distribution center "will allow consolidating the presence of the Ecuadorian group in Panama and will promote binational exchange."
He also revealed that in 2020 he started a first pilot project to send products, mostly from startups and small companies.
"During this time,415 Ecuadorian productsthey reached the supermarket chain hangers, which have been relatively successful, despite the tariffs to which they are subjected today, ”the company explained.