The Brazilian-owned company is not closing its operations but only reducing production because of less demand from regular customers in Europe.
An article in Laprensa.com.ni reported that "Last week, workers at the company which belongs to the Brazilian group Schmidt Irmaos Calzado, were concerned about the future of the company, due to the reduction in their production lines.
On 13th and 14th June an event entitled "Nicaragua, the Right Step for Footwear Manufacturing" will bring together industry associations, manufacturers of global brands and international buyers.
The global forum for the footwear industry, "Nicaragua, The Right Step” will bring together 30 participants from Brazil, the USA, Italy and Central America.
TechShoes, a company of Brazilian origin, will establish itself under the tax free zone in Nicaragua.
A new investment comes to the shoe making industry in Nicaragua, where foreign companies are already engaged in the production and export of footwear.
Now is the turn of Techshoes, which will invest $10 million in the first stage and expects to create around 1200 jobs over the next eighteen months in the area near the road from Tipitapa to Masaya.
An announcement about the closing of various plants of the international consortium Nieng Hsing has raised anxieties in Nicaragua's business community about the future of the free trade zone and its 14,000 workers.
Nieng Hsing, which has operated in Nicragua since the 1990s, has already closed five of its plants. The remaining one, Shao Hsing, employs about 3,200 persons.
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