Panama gives green light to Caterpillar contract
Panama's comptroller-general ratified a contract between Caterpillar Latin America, the Finance Ministry and the Agency for Panama-Pacific Special Economic Area.
Monday, May 26, 2008
Under the contract, US-based Caterpillar acquired two building lots in Howard for a total of US$6.75 million. Caterpillar plans to build a laboratory on one of the lots for lubricants for machinery made by its subsidiaries, as well as a training center and a showroom for its construction equipment.
Caterpillar has acquired 100 hectares of land on Panama's Pacific coast at a cost of 6.7 million dollars to set up a regional headquarters for Latin America.
The multinational construction company started building a training center for the entire continent in Panama.
With an investment of $25 million the multinational will build a logistics park in Valle de Amarateca, together with company Gutiérrez Logistics.
The Asian country believes that the improvement in the country's logistical conditions as a result of the Canal expansion, represents an opportunity to set up a distribution platform geared towards Latin America.
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