Plastic Production Plant Closes

Despite efforts by the new owners to keep the company afloat, the Yanber Corporation has decided to stop operations at the flexible packaging factory in Costa Rica.

Monday, June 4, 2018

ir="ltr">Just over two years after a group of creditors decided to accept receiving the company as a form of payment for debts contracted with them by the previous administration, its general manager, Francis Durman, announced the decision to suspend the operations at the production plant in the country.

See also: "Plastic in Central America: Purchases Up 6%"

Elfinancierocr.com reports that "... The financial regulations that affected the acquisition of new lines of credit, media exposure of Yanber's bad situation in the past and the high costs of producing in the country (such as the price of electricity and labor costs) were elements that affected the business."

"... Over the past two years, the new administration promoted improvements in production processes, made internal administrative and financial adjustments, optimized its product lines and renewed its marketing and sales strategies. It also opened the subsidiary Yanber Brasil, strengthened its operations in Panama and Colombia, and closed operations abroad that were inoperative."

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More on this topic

Auction of Productive Properties for $10 million

August 2018

In Costa Rica, the auction of four properties belonging to the plastics manufacturer Yanber is scheduled for October 4, which, after going through a period of crisis, closed its operations in June.

Despite the efforts made by the new owners to keep the company afloat, the Yanber Corporation announced in June of this year the cessation of its operationsThe group of creditors who in October 2016 received the company in the form of payment for debts contracted with them by the previous administration, announced in June 2018 the total cessation of operations.

Plastic Packaging Factory Returns to the Market

October 2016

Two businessmen have acquired 100% in the equity interest of Corporación Yanber, which earlier this year had been handed over to creditors in order to avoid bankruptcy.

Francis Durman told Crhoy.com that "... 'The intention was never to acquire the company, rather the need to inject more resources to capitalize the company was fundamental to achieving the goal of balancing the operation in the first year and starting to generate profits from the second year. This capitalization is very important to ensure the future of the company'."

Costa Rica: Company Avoids Bankruptcy

February 2016

Creditors of the manufacturer of flexible packaging Yanber, agreed to receive the company as payment for debts owed to each of them in order to keep the business going.

The Yanber Corporation requested use of the Preventive Convention in order to suspend payments in June 2015 , with the aim of reaching a settlement with its creditors, in order to avoid falling into bankruptcy and to continue operating. With the current agreement, the company will become the property of a trust-owned by its creditors.

Costa Rican Plastics Firm Moves to Nicaragua

August 2014

A company producing polyethylene products has closed part of its operation in Costa Rica due to the high cost of production in the country and transferred its factory which is now operating in Nicaragua.

The high costs that firms have to incur to produce competitively in the country is the main reason behind the partial closure of the Yanber company's operations in Costa Rica and its transfer to Nicaragua.

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