Companies

Sura’s VaxThera Confirms 2023 Start-up for US$54 Milllion Vaccine Plant in Antioquia

Medellin Herald September 23, 2021

Medellin-based multinational insurance and health-care giant Grupo Sura just confirmed this afternoon (September 23) that its VaxThera biotech division will build a US$54 million plant and laboratory here in Antioquia for production of up-to-100-million bottles/year of vaccines for the Latin

Companies

Coltejer Shuts Down Completely

Medellin Herald September 10, 2021

Medellin-based textile giant Coltejer revealed in a September 9 filing with Colombia’s Superfinanciera oversight agency that it has decided to shutter all operations for what remains of 2021 — and hinted of even more drastic, permanent measures coming. “The suspension of productive activities will continue for the rest of this year 2021,” according to Coltejer. […]

Companies

Top Colombian Government Officials Praise Medellin-Based Managro for Boosting Agricultural Exports, Helping Economic Rebound

Medellin Herald September 9, 2021

Colombia’s Commerce Ministry revealed this month that foreign direct investment (FDI) here skyrocketed by 62% in second quarter (2Q) 2021, on top of an impressive 17.6% year-on-year rise in gross domestic product (“PIB” in Spanish initials) during the same quarter. One of the companies that is helping to spark this rebound is Medellin-based agricultural

Companies

USAID, France Team-up With Antioquia’s Embera for Novel Gourmet-Cacao Exports

Medellin Herald September 9, 2021

The U.S. Agency for International Development (USAID) announced September 6 that it’s teaming-up with France-based Elite Chocolate to train women from the Embera Eyabidá ethnic group here in Antioquia on specialized production and export of organic cacao for gourmet French chocolate. According to USAID, “the cacao grown by women from the Embera Indigenous Council of […]

Politics

Colombia’s Comptroller-General Claims 26 Officials, Companies, Politcos Responsible for COP$4.3 Trillion in Hidroituango Damages

Medellin Herald September 6, 2021

Colombia’s Comptroller-General announced this afternoon (September 6) that it has decided to go ahead with court claims totaling COP$4.3 trillion (US$1.13 billion) against 26 officials, companies and several politicians for alleged “gross negligence” that supposedly resulted in a 2018 diversion-tunnel collapse at the US$5 billion Hidroituango hydroelectric dam in

Companies

EPM Gets US$100 Million from Mapfre for Hidroituango Damages; Seeks US$1.29 Billion Debt Authorization

Medellin Herald September 1, 2021

Medellin-based multinational electric power giant EPM announced August 31 that insurer Mapfre’s just-issued US$100 million payment for physical damages at the estimated US$5 billion Hidroituango hydroelectric project now brings total damage payments from Mapfre to US$450 million. EPM recently boosted the estimated cost of the Hidroituango project to COP$18.3 trillion

Companies

Coltejer Posts Net Loss for 2Q 2021

Medellin Herald August 18, 2021

Medellin-based textile giant Coltejer announced August 17 a COP$14 billion (US$3.6 million) net loss for second quarter (2Q) 2021, down from a COP$724 million (US$187,000) net profit in 2Q 2020. Gross income likewise plummeted to COP$5 billion (US$1.3 million), from COP$16.3 billion (US$4.2 million) in 2Q 2020 as a result of Coltejer’s shut-down of its […]

Companies

Gran Colombia Gold 2Q 2021 Net Income Improves Year-on-Year

Medellin Herald August 15, 2021

Toronto-based gold miner Gran Colombia Gold (GCG) announced August 12 that its second quarter (2Q) 2021 net income climbed to US$29.8 million, a reversal from a US$18.6 million net loss in 2Q 2020. The reversal “reflects a $9.2 million improvement in income from operations and a gain on financial instruments of $1.5 million in the […]

Companies

Construcciones El Condor Posts Net Loss for 1H 2021

Medellin Herald August 15, 2021

Medellin-based highway construction giant Construcciones El Condor on August 13 reported a first half (1H) 2021 net loss of COP$7.67 billion (US$2 million) — mainly a temporary accounting impact from presumed losses arising from its partial stake in the “Vías de las Américas” highway concession project, which is in bankruptcy. “This is a non-recurring

Companies

Enka 1H 2021 Profits Rebound Year-on-Year

Medellin Herald August 15, 2021

Medellin-based textile and recycled plastics specialist Enka de Colombia announced August 13 that its first half (1H) 2021 net profits jumped to COP$29 billion (US$7.5 million), a reversal from a COP$4.4 billion (US$1.1 million) net loss in 1H 2020. Earnings before interest, taxes, depreciation and amortization (EBITDA) came-in at an all-time historic high — COP$37