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05 Jan 2012

It will invest U.S. 30 million to build a plant

in Malvinas Argentinas

Cordova, Argentina, january 5th 2012 - The Mexican multinational Bimbo, dedicated to baked goods, yesterday made official its landing in Córdoba, where in 60 days will start up its sixth plant in Argentina, with an outlay of 30 million dollars.

But in the investment the State will provide their share. The Province will pay the three acres that occupy the factory in the Industrial Park of Argentine’s Malvinas (14 kilometers northeast of the capital, in the department Columbus), by a triangulated operation, since the funds are transferred to the municipality, which will transfer the land to the company.

Mayor Daniel Arzani noted that the value per square meter ranges between usd 20 and usd 25, but for this operation, will be half price, namely, between 10 to 12 usd. Therefore, the Province will rotate around 1.6 million pesos (usd$ 360,000), although it will make it in a smooth way and through various mechanisms such as aid from the Treasury.

It will not be unique: The Minister of Industry, Jorge Lawson, confirmed that the Bimbo group will enjoy incentives Industrial Promotion Program, providing tax exemptions and benefits services.

In that context, the province will subsidize new jobs over five years. The scale starts at 400 pesos in the first two years, 300 pesos in the next two periods and 100 pesos per set in the last cycle.

Lawson anticipated that these values "will be updated". But it is expected that if the company will start with, at least, 250 employees (later will be 450) ), The State shall transfer between 100 thousand and 150 thousand dollars per month to subsidize those jobs.

At the same time, Governor José Manuel de la Sota said there will be job training support, Through the Employment Promotion Agency.

Competition. Bimbo's landing in Córdoba was resolved quickly. The contacts were initiated during the election campaign, when the company evaluated options, , Including other provinces, such as Santiago del Estero. Even, there was a plan B to bring the investment to Brazil.

"Cordoba has done a great job to facilitate this. It’s a nerve center, but also, political dynamics with which we received and resolved our concerns has been key", recognized the CEO of the subsidiary in Argentina, José Sebastián Reynoso, who said that the industry will operate 24 hours, so security in services is needed.