An agreement has been signed between a Spanish and Cuban company to form a new joint venture. The JV will be known as Gran Ferretero S. A. The signing took place on April 5, at the Habana Libre Hotel.
The two parties that form the JV are Sociedad Mercantil Albus S.A., a fully owned Cuban company, and the Spanish company, Gurea Industrial & Automotive Equipment SL.
It is the first entity of its kind within the internal trade system that will commercialize and distribute wholesale hardware products, spare parts and construction materials.
Gran Ferretero will run as a wholesale operation. The company will be responsible for the wholesale distribution of hardware products, spare parts, and construction materials to meet the demands of the domestic market and promote export to other markets.
The joint venture agreement was signed by Marlene Noval Rivas, president of Albus S.A., and Pablo Villar Corces, chief representative of Gurea Industrial & Automotive Equipment.
Gurea Industrial & Automotive Equipment has its headquarters in Madrid, Spain. The company conducts business management consulting, wholesale and retail trade, and import and export of parts, components, supplies, tools, and accessories for motor vehicles.
The agreement signifies another example of foreign investment contributing to Cuba’s economic development.
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