Date

03 de September 2018

Multinational Rich invested $10 million USD in a supply production plant for the Food industry in Colombia

richs colombia

With the opening of the plant next August 30, the multinational company seeks to strengthen its presence in Colombia with revenues close to $35 million USD, and to supply the markets of Venezuela, Ecuador, Peru, and Chile.

Bogota, August 29, 2018. Rich’s, founded in 1945, has been present in Colombia since 1992, with direct commercial representation since 2011. The formation of a team of focused and motivated associates, with sustainable growth and acceptation of the local market, has transformed the company into a high-performance organization. For this reason, the head office decided to invest in a high-level technological production plant in Colombia in addition to those present in Mexico and Brazil.

Rich Products Corporation made an investment of around $10 million USD between the plant and offices for its corporate team in Colombia. During the third trimester of 2017 and the first of 2018, the company made new investments for about $500,000 USD in support of its operation. New investments, estimated at about $3 million USD, are expected in the near future.

“The most important part of this great project was the country’s trust and the formation of a high-performance team with whom we share fundamental values such as Leadership, Teamwork, Trust and Passion for everything we do. This is part of our philosophy and strategic vision of the future; to transform teams and bring about the development and growth of our partners and customers,” said Ever Varón, General Manager of Rich Colombia and markets such as Venezuela, Ecuador, and Chile.

Ever Varón added that thanks to this investment, the company was able to create 80 new jobs and productive alliances with local suppliers. These suppliers will be in charge of providing more than 40% of the supplies used for the manufacturing of products in Colombia.

Decision to Invest

Rich’s decision to invest was supported by ProColombia and Invest in Bogota. The competitive advantages they found in Bogota were its strategic position, the excellent quality, and quantity of human resources for the sector, the ease of doing business, institutional support, and the closeness of the region’s big markets.

Flavia Santoro, president of ProColombia, confirmed that: “the new Rich plant shall be added to the investments that the processed food and baking sector are receiving in the country. Relying on global players such as Rich’s contributes to promoting innovation and strengthening Colombia’s gastronomic offer. Moreover, it creates new jobs and stimulates trade and consumption, which are some of the National Government’s objectives and commitments to boost entrepreneurship.”

On his part, Juan Gabriel Pérez, Executive Director of Invest in Bogota, celebrates the arrival of Rich’s and highlights that advantages such as the city’s strategic location and its air connectivity will allow the multinational to strengthen its regional presence. “Bogota is not just the main center for the production and consumption of food in the country but has become an entry point to other important markets in Latin America.”

With the new factory, Rich’s will have coverage of more than 1000 customers, which represents significant exponential growth vs. 2011. Now the company has new services and products portfolio and better availability of resources for the demands of the sector.