Teradyne expands its operations and invests 20 million dollars
News originally published by Coyol Free ZoneAugust
(NYSE:TER) will occupy a new 11,000 m2 building, starting this month, with the relocation of its operations to the Coyol Free Zone. This move is part of the expansion plan of the company to increase its operations in the country as well as its Research and Development (R&D)
Teradyne Costa Rica creates employment opportunities for 384 employees, which it expects to increase by 75% once it completes its relocation process. This increase will be mainly reflected in positions for professionals in information technology, development of artificial intelligence algorithms, hardware and software engineering, development of manufacturing processes applied to the introduction of new products, and repair and customer service, among others.
“Costa Rica has demonstrated for years to have a unique and highly competitive talent, sustained by an attitude of commitment, excellence and team spirit that characterizes Costa Ricans, as well as by the academic foundations that support the training of our professionals. This attractive local talent is responsible for the growth of Teradyne de Costa Rica during 20 years of presence in our territory, and the reason why the corporation constantly shows interest to continue incorporating new business units to our operation, offering greater value to the company. We are very excited about Teradyne’s future in the country,” said Carlos Esquivel, General Manager of Teradyne de Costa Rica.
Despite the impact of the pandemic, this organization created 40 new jobs in the last year, both in existing operations and in new incorporations, integrating engineers, technicians, operators and administrative employees. Currently, the company continues its recruitment process (https://teradyne.dejobs.org/cri/jobs/
The production of human talent in the region has encouraged large corporations to turn their eyes to the Coyol Free Zone because of its strategic location, population of 1.7 million people within 25 miles of the Park, and integrated on-site services, featuring a modern infrastructure suitable for Life Sciences
, Research and Development
, and advanced manufacturing
“Teradyne is a corporation with a worldwide presence, which traditional approach is renting real estate for its operations. Thanks to the amazing results capitalized during its existence in the country and the vision of growth, the corporation made the decision to invest in the purchase of the building in Zona Franca Coyol. This is a sign of stability, a desire to continue expanding, and to create great employment opportunities in our territory,” concluded Esquivel.
In turn, Carlos Wong, Director of Coyol Free Zone, said “The COVID-19 pandemic reaffirmed Costa Rica’s strategic position as a country where global companies can ensure business continuity, despite contingency situations. In this way, in Coyol Free Zone, we are able to provide a privileged location for companies that relocate their operations, next to strategic suppliers, and an ecosystem conducive to their business".
The total value of Teradyne's investment in Costa Rica amounts to US$20 million and the entire relocation is expected to be completed by the end of October, 2021.
About Coyol Free Zone
Coyol Free Zone is the leading medical device export park in Costa Rica, exporting more than US$2 billion per year, equivalent to 58% of exports in the manufacturing segment of the country's Free Zone Regime. It was selected as the Best Free Trade Zone in Latin America, Most Innovative Free Trade Zone of the Year and Business Center for Life Sciences and Advanced Manufacturing, according to The European magazine. It is ranked #7 in the Top 10 Free Zones in the world according to the international investment agency fDi Intelligence, and is listed as one of the Top Free Zones 2020 according to Site Selection Magazine.