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Lender Systems sets up company in Colombia


La República, April 12, 2010

 

Failing to make a payment on a car loan will no longer be a problem.

 

As of May, Colombian citizens can get the I-Pay device, an electronic system created by US multinational Lender Systems, to inform the driver of the vehicle of the date to make the payment.

 

What's original about the mechanism is that, if the driver does not make the payment on the loan, as established for that month, the I-Pay system blocks the car ignition, preventing it from being driven.

 

To market the device, Lender Systems, a company specializing in asset management, payment protection and AVL (Automatic Vehicle Location) solutions, set up Intellitech with an initial capital of 76 million pesos. This amount will be increased after the company's fourth month of commercial operation.

 

Lender Systems' representative in Colombia, Yomaira Carrillo, clarified that the I-Pay system will be marketed by finance companies and dealers with loan portfolios.

 

"We are taking the final steps to sign the operating agreement with three finance companies. The system will reduce the percentage of clients in arrears because people will not be able to drive their cars until they make the payment on their loan", said Carrillo.

 

According to a study conducted by CNW Marketing Research, arrears in companies with this system in the US and Canada dropped from 27.1 percent to 2.27 percent.

 

The I-Pay will be installed until the driver finishes paying off the loan. Carrillo pointed out that it has not yet been defined whether or not finance companies will charge clients for the cost of the system. In any case, the companies will pay Intellitech an initial amount of 249,000 pesos, plus an additional 50,000 pesos per month for each device.

 

 

 

The Chilean Ilko Arcoaseo opens a plant in Mosquera


La República, May 6, 2010

 

With an investment of over $12 million dollars, the company funded with Chilean capital inaugurated its production plant in Mosquera today. From this location, it plans to increase the company's exports by 30%.

 

From Colombia, its products will reach the United States, Chile, Peru, Dominican Republic, Costa Rica, Ecuador and Venezuela, among other countries.

 

The company, dedicated to the production and marketing of cooking and cleaning items with the brands Task and Virutex, will use these new facilities to manufacture brooms, mops, dustpans, brushes, plungers and other products which will also be distributed throughout the large shopping centers in Colombia.

 

According to Ricardo Israel, the company's Regional Sales Director, Colombia's strategic location, its skilled workforce and its commercial growth have turned the country into Ilko Arcoaseo's second industrial focus, after its headquarters in Chile. The company currently has four plants in addition to the one in Colombia. They are located in Chile, Peru, Argentina and Mexico, and they all produce different lines of products.

 

The new facilities cover 7,700 square meters with a production area, a warehouse and the company's administrative offices. More than 220 workers are employed here.

 

Management insists that despite Colombia's commercial problems with neighboring countries, the company has not experienced any negative impact in sales. In fact, the opposite has happened. In 2009, there was a 47% growth in exports to Venezuela and the company successfully entered the Ecuadorian market. This was the result of the company's sound commercial proposal that it presented in these markets.

 

Consequently, in 2010, the company plans to sell 180 containers of products to the exterior, compared to the 140 exported in 2009.

 

"We are now starting to see the economy recover, as well as local and international consumption. The year, 2009, was difficult for all sectors, but we are already seeing an important resurgence in the results from the first four months of 2010 and we have confidence in the numbers they can give us", stated Ricardo Israel.

 

Operating in the country for 15 years

 

The Chilean company, Ilko arrived in Colombia in 1995, as part of their international expansion plan that also included Peru, Argentina and Mexico. In 2007, Ilko merged with Arcoaseo, a Colombian company, initially acquiring 60 per cent of the company and later, in 2008 the remaining 40 per cent, thereby creating Ilko Arcoaseo. The group currently exports goods from Colombia to markets in the United States, Mexico, Venezuela, Puerto Rico and Peru, among other countries.

 

 

 

MovistarSNC - Lavalin

 

The Canadian company SNC-Lavalin specialized in building and engineering services acquired the Colombian firm Itansuca Proyectos de Ingenieria. The company expects to establish itself in the local market through the offer of new projects.

 

Portafolio, 13th January 2011

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 Coca-Cola

Starwood Hotels & Resorts

 

The American hotel chain Starwood Hotels & Resorts started construction of The Ocean Towers project in Cartagena. This project includes a tower for hotel purposes and another for apartments. The hotel opens in march 2012.

 

La República, 12th January 2011

 


AVIS

SEB

 

The French enterprise SEB Group specialized in household products acquired the 68% of the Colombian firm IMUSA. With this transaction the French company expects to get into the Colombian market through its strategy of local brand purchasing.

 

La República, 21th December 2010

 

 

If you are interested to know about additional success stories, click here.

 

 

 

Amrop opens office in the city of Barranquilla

 

La República, 12 de mayo del 2010

 

The multinational Amrop and the Spanish group Seeliger and Conde, dedicated to headhunting, started operations in Barranquilla to provide services in the Caribbean coastal region of the country.

 

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