Announcement of Investment in Fabrica de Galletas y Confites Noel S.A., in Colombia on September 1, 1959

INTERNATIONAL FINANCE CORPORATION 1818 H STREET, N.W., WASHINGTON 25, D. C. TELEPHONE: EXECUTIVE 3-6360 PRESS RELEASE NO • .30 FOR RELEASE SUBJECT: Investment in FABRICA DE A.H. Newspapers GALLETAS y CONFrras NOEL, S.A., Tuesday, September 1, 1959 in Colombia The International Finance Corporation (IFC) announced today agreement to invest $1,D00,000 in Fa~rica de Galietas y Con:fites-,Noel __ S.A., a Colomb!an __... company located in Nedellit~ to help expand productio~ of biscuits and I· crackers, candy, ru1d alimentary·pastes. The business was established in 1916 and its brand names are well lmown throughout the country. In addition to these, Noel has, for some years, been producing Life-Savers. The company is completing a wholly-modern air-conditioned plant; instal- • lation or the equipment, including new machinery of the latest design, is under way. These new facilities will increase production progTessively to .about 12,000 tons annually, an increase of more than 50%. The total cost of the project i~ estimated at about $2,400,000. IFC's contribution will be in u.s. dollar Notes, bearing 6% interest, and maturing by 1969; additiona1 interest will be payable, on a deferment plan related to.profits. IFC also receives an option on shares of the company. IFC 's commitment is subject,: to completion of the necessG.ry legal forma'.lities.