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Alabama company gets U.S. permission to build tractors in Cuba [View all]
Source: Reuters
World | Mon Feb 15, 2016 2:25pm EST
Alabama company gets U.S. permission to build tractors in Cuba
HAVANA | BY DANIEL TROTTA
The U.S. government has granted an Alabama company permission to build tractors in Cuba, one of the company's co-owners said on Monday, making it potentially the first American manufacturer to open shop in Cuba since the 1959 revolution.
Co-owners Horace Clemmons and Cuban-born Saul Berenthal plan to self-finance a $5 million to $10 million factory at the Cuban port of Mariel just west of Havana to build small tractors for sale to private farmers and builders in Cuba.
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) informed Clemens and Berenthal last week they were cleared to do business under new regulations issued by the administration of President Barack Obama that expand commerce with Cuba.
Clemmons and Berenthal, who call their Paint Rock, Alabama-based company Cleber LLC, are in advanced talks with Cuban authorities and hope to get official permission in March.
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Alabama company gets U.S. permission to build tractors in Cuba
HAVANA | BY DANIEL TROTTA
The U.S. government has granted an Alabama company permission to build tractors in Cuba, one of the company's co-owners said on Monday, making it potentially the first American manufacturer to open shop in Cuba since the 1959 revolution.
Co-owners Horace Clemmons and Cuban-born Saul Berenthal plan to self-finance a $5 million to $10 million factory at the Cuban port of Mariel just west of Havana to build small tractors for sale to private farmers and builders in Cuba.
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) informed Clemens and Berenthal last week they were cleared to do business under new regulations issued by the administration of President Barack Obama that expand commerce with Cuba.
Clemmons and Berenthal, who call their Paint Rock, Alabama-based company Cleber LLC, are in advanced talks with Cuban authorities and hope to get official permission in March.
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Read more: http://www.reuters.com/article/us-cuba-usa-tractors-idUSKCN0VO28R
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