Companies

Cemex’s Maceo, Antioquia Cement Plant Clears Another Legal Hurdle

Medellin Herald February 21, 2021

Cemex Colombia revealed in a February 16 filing with Colombia’s Superfinanciera oversight agency that it just won a key license modification from environmental regulator Corantioquia, enabling eventual start-up of its US$420 million Maceo, Antioquia cement plant. “The [license] modification

Colombian economy

Colombia’s 2020 GDP Shrinks 6.8% on Covid Crisis, but Rebounds Point to Growth

Medellin Herald February 16, 2021

Colombia’s national economic statistical agency DANE on February 15 revealed that the national gross domestic product (PIB in Spanish initials) shrunk by 6.8% for full-year 2020 — all because of the Covid-19 crisis. However, GDP sequentially rebounded in third quarter (3Q) and fourth quarter (4Q) 2020, compared to the huge 15% decline in second quarter […]

Companies

Enka Full-Year 2020 Profits Stable, but Coltejer Losses Worsen

Medellin Herald February 11, 2021

Medellin-based textile and plastics-recycling giant Enka Colombia announced February 10 that its full-year 2020 profits rose to COP$15.2 billion (US$4.3 million), up slightly from COP$15 billion (US$4.25 million) in full-year 2019. Earnings before interest, taxes, depreciation and amortization (EBITDA) for full-year 2020 rose 7% year-on-year, to COP$38 billion (US$10.7

Companies

Ecopetrol Unveils US$3.8 Billion Bid for 51% of Medellin-Based Electric Power Giant ISA

Medellin Herald January 27, 2021

Colombia’s mostly state-owned Ecopetrol oil company announced January 27 that it’s making a bid worth an estimated US$3.8 billion for the Colombian government’s existing 51% share stake in Medellin-based multinational electric power transmission giant ISA. The bid, if successful, would help boost Colombia’s government finances because Ecopetrol soon would sell more of its

Companies

Ecopetrol Unveils US$3.8 Billion Bid for 51% of Medellin-Based Electric Power Giant ISA

Medellin Herald January 27, 2021

Colombia’s mostly state-owned Ecopetrol oil company announced January 27 that it’s making a bid worth an estimated US$3.8 billion for the Colombian government’s existing 51% share stake in Medellin-based multinational electric power transmission giant ISA. The bid, if successful, would help boost Colombia’s government finances because Ecopetrol soon would sell more of its

Companies

Sura, Axa, SBS, Mapfre Payments Net EPM US$1.1 Billion in Hidroituango Insurance Claims

Medellin Herald January 24, 2021

Medellin-based electric power giant EPM announced last night (December 23) that in addition to the US$983.4 million (COP$3.84 trillion) that project insurer Mapfre is paying for Hidroituango hydroelectric-project damages, Medellin-based insurance giant Sura just paid an additional US$100.6 million for “civil director” claims also arising from a 2018 diversion-tunnel

Companies

Update: US$2.85 Billion Hidroituango ‘Conciliation’ Fails, EPM Asks for Medellin Administrative Court to Assume Lawsuit Proceeding

Medellin Herald January 9, 2021

Medellin-based electric power giant EPM announced this morning (January 13) that it has petitioned an Antioquia Administrative Court in Medellin to assume jurisdiction over its COP$9.9 trillion (US$2.85 billion) lawsuit against Hidroituango construction contractors. The petition to the Court follows the failure last week of a “conciliation” procedure that had been

Companies

Smurfit Kappa Colombia Unveils US$50 Million Cardboard Plant Project in Guarne, Antioquia

Medellin Herald January 7, 2021

Smurfit Kappa Colombia on January 4 announced a US$50 million investment in a new corrugated-cardboard plant in Guarne, Antioquia, just east of Medellin. To make way for the new plant, Smurfit Kappa recently sold a lot in Medellin that hosts its existing, 60-years-old “Carton de Colombia” plant. Colombia Real Estate Fund-FIC, Arquitectura y Concreto and […]

Companies

EPM Extends Construction, Supervisory Contracts with Hidroituango Hydroelectric Builders

Medellin Herald December 26, 2020

Medellin-based electric power giant EPM announced December 22 that it reached agreements with all current construction, supervisory and consultancy companies to continue construction of the estimated US$5 billion, 2.4-gigawatt Hidroituango hydroelectric dam in Antioquia. The contract renewals run through December 31, 2021, but could be extended until the entire project is

Companies

Coltejer to Abandon Giant Medellin-Metro Factory, Shift Remaining Operations to Rionegro

Medellin Herald December 18, 2020

Medellin-based textile giant Coltejer revealed in a December 17 filing with Colombia’s Superfinanciera oversight agency that it now plans to abandon its foundational factory in the southern Medellin suburb of Itagüí. When this abandonment is complete, all remaining textile operations will shift to Rionegro, Antioquia, according to the company, founded in 1907 by pioneering