Here is another ad in the Commonwealth of Puerto Rico Series — perhaps one of the most effective business development advertising campaigns ever devised.
Why Puerto Rico is the most profitable of Omark Industries’ 14 plant sites in 5 countries
Here are the reasons why this Oregon metals fabricator’s plant in Puerto Rico is their leading profit maker worldwide. Send in the coupon below to discover what these same reasons can mean to you and your company’s profits.
OMARK INDUSTRIES, a major manufacturer of cutting chain, hydraulic loaders and industrial fasteners, started in Puerto Rico in 1965 with a cutting-chain plant in Bayamon.
Last year, this single 45,000-sq.-ft. facility earned over half of the company’s total after-tax profits. Here are some of the reasons why.
100% tax exemption
Although Puerto Rico is an integral part of the U.S., there are no federal taxes. What’s more, Puerto Rico offers qualified manufacturers like Omark 100% exemption from all local taxes for up to 30 years. In Puerto Rico, the profit you make is the profit you keep.
In 1974, this combination of tax exemptions alone contributed $2,500,000 to Omark’s net income of
51% of profits
The income from the sale of products made in the Puerto Rican plant, combined with the tax benefit, contributed a total of $5 million — an astounding 51% of the company’s entire profits worldwide.
In 1965, Omark sent 12 workers from Puerto Rico to the online australian casino company’s Portland, Oregon, headquarters to be
trained as plant foremen. They worked hard and learned fast.
All personnel Puerto Rican
These men returned to start up the Bayamon plant together with Omark supervisors from the, U.S. mainland.
Today, every one of the 230 people in that plant, management and labor, is Puerto Rican.
Their record of productivity and willingness to work hard speaks for itself. Between 1970 and 1974, output from the Bayamon facility almost doubled without hiring any new employees.
3 hours to New York
About 40% of the saw chain made by Omark in Puerto Rico is shipped to the U.S. mainland. Air freight reaches Miami in only two hours, New York in three hours. Puerto Rico’s modem fleet of container and trailer ships make weekend deliveries to New York in only 84 hours.
No plant location on the island is more than three hours from a major port over Puerto Rico’s 6.500-mile
network of paved roads. San Juan alone is served by 30 shipping lines and 15 scheduled airlines.
Puerto Rico’s Economic Development Administration (Fomento) helped Omark and is ready to help you. How? By smoothing your way with government agencies. By helping you select and train workers. By doing what needs to be done to expedite plant start-up.
The Puerto Rico Industrial Development Co. (PRIDCO) will give you the benefit of its know-how in the selection and preparation of a plant site. They can show you their “shopping list” of choice industrial locations, with over 1,000,000 sq. ft. of factory space ready for immediate occupancy.
Many companies expanding
If you need to expand but are hesitant in the present uncertain economy, consider this- Puerto Rico’s unique combination of incentives continues to attract new manufacturers and to encourage many already on the island to expand operations there.
Omark is one of those who are expanding. The company plans to invest $2 million to expand its Bayamon facility and has applied for a 25-year tax exemption for a new 35,000-sq.-ft. plant in Cidra in central Puerto Rico.
Send for profit booklet Omark is only one of the many U.S. manufacturers who have made more profits in Puerto Rico than in any other industrial location. Get the full story on how Puerto Rico manages to continue to attract industry even in the midst of economic uncertainty. Send this coupon today for our new 20-page booklet.
Miles Beckler says
I’ve got to say, it’s great to see you publishing here at IMB again!
I can’t help but notice how interesting this ad is compared with the current tax benefits Puerto Rico is offering residents with their act 20 and act 22 tax incentives for entrepreneurs.
It’s like there still following through on this same model you covered in the swipe here… But there focused on wealthy solo partners now in the forms of traders, digital business owners, seven-figure digital nomads, etc.
Definitely puts some perspective and makes me realize that the philosophy has been around for a lot longer than the most recent changes over there in PR!
Lawrence Bernstein says
Hope you and yours are well.
Thanks for the plug. It’s high time for a revamp of this site which I started almost 13 years ago.
I now have a site https://admoneymachine.com/ which is a paid subscription model but it’s high time to relaunch the blog.
You have a keen eye. The business development stuff for PR transformed the Commonwealth in a matter of years and I think the copy largely holds up today, but I’m biased toward just about everything DO did.
Thank you for tipping me off about Act 20 and act 22 tax incentives for entrepreneurs.