Korean manufacturing company inaugurates its third plant in Nicaragua

Managua, Nicaragua; February 16, 2016

The South Korean company, Handsome Nica S.A., inaugurated its third manufacturing plant in Nicaragua, which is located in the municipality of Mateare, Managua. This is the third industrial plant of the company in the country, which consolidates Handsome Nica as the largest operation of Hansoll Textile, its parent company, in Central America.

The inauguration ceremony was presided by General Álvaro Baltodano, Presidential Delegate for Investments; His Excellence Ambassador of the Republic of Korea in Nicaragua, Mr. Hong Seok Hwa; and the director of the company in Nicaragua, Mr. Hae Soo Lim.

Handsome Nica started operations in Nicaragua in 2010, generating 634 jobs and generating exports of US$672,000 by the end of that year. The company’s growth has been significant during the last five years. As of 2015, the company generated over 3,533 jobs and exported nearly US$43 million. Likewise, the company has invested since its beginnings roughly US$11 million in the country.

The main export destinations of the Nicaraguan company include: the United States, Europe, Asia and South America. Additionally, Handsome Nica supplies renowed companies such as: JC Penney, , Reebook, Adidas, Wal-Mart and Under Armour, and has a production capacity of 2.6 million garments a month.

Handsome Nica is a subsidiary of Hansoll Textile, located in Seoul, South Korea. Hansoll Textile Ltd. is a global textile company that manufactures and exports mainly knit apparel to the United States, Europe and Japan. They maintain active operations in Asia and Central America. The company had a turnover of US$1,230 million a year, and has over 39,000 workers all over the world. By 2020, the company projects to employ 100,000 people worldwide and reach US$5,000 million in revenues. The company was first established in 1992 and is charachterized by a development and training philosophy towards their workers.

In 2015, numerous renowned companies announced new investment projects in the country, reaffirming their confidence in the macroeconomic policies implemented by the Government of Nicaragua, and the sustained economic growth Nicaragua has experienced in recent years. Among these companies are Lala, SuKarne, Cargill and Walmart.

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En español: Empresa surcoreana inaugura tercera planta de manufactura en Nicaragua