Grupo Corripio
Encyclopedia
Metaldom y el Banco del Progreso le pertenece al Grupo VICINI no al grupo Corripio como dice la fuente.
Grupo Corripio is a private holding company
which is considered among the most successful enterprises operating in the Dominican Republic
, owning a controlling interest in several companies across a wide variety of sectors. Some of Grupo Corripio's best known and most profitable investments are in the mass media
industry and include the newspapers Hoy, and El Nacional y El Día, as well as the television channels Tele Antillas
and Telesistema. Grupo Corripio is currently led by Jose Luis Corripio Estrada.
According to Manuel's son and the current president of Grupo Corripio, Mr. Jose Luis Corripio Estrada, the family enterprise was developed from years of intense work, with the entire family (including his mother) following a labor ritual that began at 6:00 am and ended at midnight. An emphasis on savings and monitoring costs was a critical internal component. Manuel even delayed purchasing a home for several years because he preferred investing available capital into his businesses.
A determining period in the Group's development occurred after the fall of dictator Rafael Leónidas Trujillo
(d. 1961) and the April Revolution, the political uprising of April 1965 that led to the second occupation of the Dominican Republic by the US military. These events catalyzed an unprecedented opening of the country's domestic market and the Corripio family took advantage of the opportunity by investing in several new businesses. According to Jose Luis Corripio, a critical factor in the group's future success was remaining confident in the Dominican Republic, even at times when domestic turmoil and uncertainty caused other businesses to flee.
Pepín Corripio initiated another stage of the company's growth by diversifying their investments in a variety of new business sectors. Among the first sectors the Group targeted was the gasoline
industry, which was inspired by Pepín's observation of the commodities necessity in Dominicans performance of daily activities.
Grupo Corripio, which according to its founder tried to remain independent from commercial banks, had a substantial participation in Banco del Progreso – above 5% - and had also invested in a second Dominican Bank. Investments in mass media increased significantly during the 1990s; in 2003 the company controlled the morning daily Hoy, the evening daily El Nacional, the free newspaper El Día, Ahora magazine and several television channels (including Tele Antillas
and channels 2, 11, and 39) as well as the editing company Editora Corripio.
During the 1990s Grupo Corripio also expanded its involvement in the industrial sector. In 1996, the Group allied with the Colombian firm Cementos de Colombia and the Spanish Umar (subsidiary of Holcim) to acquire the privatized Cementos Colon, producer of concrete. The performance of Cementos Colon since then has been nothing less of spectacular. According to the magazine Estrategia y Negocios, in 2000 the firm had annual sales of US$30 million and increased market share from 5% in 1998 to 17% two years later (26). In 2000 Grupo Corripio also created a joint venture with the Costa Rican Durman Esquivel and Metaldom – a large Dominican producer of metal products – to start producing PVC pipes in the Dominican Republic. According to Durman Esquivel the new factory of PVC they opened with Grupo Corripio and Metaldom in 2001 generated profits faster than any other of Durman's investments in Central America, Mexico and the Caribbean.
While Corripio has show an incredible amount of growth, the business has localized mainly in the Dominican Republic, Central America and the Caribbean; this is mainly because the company's main source of income comes from selling American and Chinese home appliances in countries were these products aren't easily available. The company sells these home appliances at a higher price than that which you would normally see if you where in the U.S. because they have to bring the products to the country and have very little competition. Because of this the company cannot expand to the U.S. or Puerto Rico
where these home appliances can be purchased at a significantly lower price.
The Group has established the Fundación Corripio which collaborates in developing a wide variety of objectives and programs related to cultural diffusion.
Grupo Corripio is a private holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
which is considered among the most successful enterprises operating in the Dominican Republic
Dominican Republic
The Dominican Republic is a nation on the island of La Hispaniola, part of the Greater Antilles archipelago in the Caribbean region. The western third of the island is occupied by the nation of Haiti, making Hispaniola one of two Caribbean islands that are shared by two countries...
, owning a controlling interest in several companies across a wide variety of sectors. Some of Grupo Corripio's best known and most profitable investments are in the mass media
Mass media
Mass media refers collectively to all media technologies which are intended to reach a large audience via mass communication. Broadcast media transmit their information electronically and comprise of television, film and radio, movies, CDs, DVDs and some other gadgets like cameras or video consoles...
industry and include the newspapers Hoy, and El Nacional y El Día, as well as the television channels Tele Antillas
Tele Antillas
Tele Antillas HIJB - Canal 2 is a television network operating out of Santo Domingo in the Dominican Republic. It provides a wide variety of television programs which are available to viewers throughout the Dominican Republic on channel 2. Originally the country’s Southern and Capital zones tuned...
and Telesistema. Grupo Corripio is currently led by Jose Luis Corripio Estrada.
Early history
The foundation for Grupo Corripio was established during 1917 when Ramón Corripio first arrived in the Dominican Republic from Spain. Ramón received further support when his brother Manuel Corripio (1908–2005) arrived in 1921. They established the business with a modest sum of RD$3,000 pesos and lost much of their initial investment after the San Zenón Hurricane of 1930. In the wake of the tragedy the Canadian Royal Bank offered to discount its clients debt by 50%. However, the Corripio brothers, who had incurred debt to the bank, preferred settling their commitments. This decision helped establish a solid reputation and opened new doors and sources for financing.According to Manuel's son and the current president of Grupo Corripio, Mr. Jose Luis Corripio Estrada, the family enterprise was developed from years of intense work, with the entire family (including his mother) following a labor ritual that began at 6:00 am and ended at midnight. An emphasis on savings and monitoring costs was a critical internal component. Manuel even delayed purchasing a home for several years because he preferred investing available capital into his businesses.
A determining period in the Group's development occurred after the fall of dictator Rafael Leónidas Trujillo
Rafael Leónidas Trujillo
Rafael Leónidas Trujillo Molina , nicknamed El Jefe , ruled the Dominican Republic from 1930 until his assassination in 1961. He officially served as president from 1930 to 1938 and again from 1942 to 1952, otherwise ruling as an unelected military strongman...
(d. 1961) and the April Revolution, the political uprising of April 1965 that led to the second occupation of the Dominican Republic by the US military. These events catalyzed an unprecedented opening of the country's domestic market and the Corripio family took advantage of the opportunity by investing in several new businesses. According to Jose Luis Corripio, a critical factor in the group's future success was remaining confident in the Dominican Republic, even at times when domestic turmoil and uncertainty caused other businesses to flee.
Pepín Corripio initiated another stage of the company's growth by diversifying their investments in a variety of new business sectors. Among the first sectors the Group targeted was the gasoline
Gasoline
Gasoline , or petrol , is a toxic, translucent, petroleum-derived liquid that is primarily used as a fuel in internal combustion engines. It consists mostly of organic compounds obtained by the fractional distillation of petroleum, enhanced with a variety of additives. Some gasolines also contain...
industry, which was inspired by Pepín's observation of the commodities necessity in Dominicans performance of daily activities.
Growth and expansion
Grupo Corripio has managed to consistently maintain a healthy growth rate since the 1950s. According to its chairman Jose Luis Corripio the group "has been growing (consistently)… Our strategy was a constant process of slow and unspectacular growth year by year. Between 1997 and 2002 the number of Corripio's employees increased from 5,600 to 7,100. Growth of the group remained concentrated in the Dominican domestic market and was made possible by creating new businesses and developing new alliances.Grupo Corripio, which according to its founder tried to remain independent from commercial banks, had a substantial participation in Banco del Progreso – above 5% - and had also invested in a second Dominican Bank. Investments in mass media increased significantly during the 1990s; in 2003 the company controlled the morning daily Hoy, the evening daily El Nacional, the free newspaper El Día, Ahora magazine and several television channels (including Tele Antillas
Tele Antillas
Tele Antillas HIJB - Canal 2 is a television network operating out of Santo Domingo in the Dominican Republic. It provides a wide variety of television programs which are available to viewers throughout the Dominican Republic on channel 2. Originally the country’s Southern and Capital zones tuned...
and channels 2, 11, and 39) as well as the editing company Editora Corripio.
During the 1990s Grupo Corripio also expanded its involvement in the industrial sector. In 1996, the Group allied with the Colombian firm Cementos de Colombia and the Spanish Umar (subsidiary of Holcim) to acquire the privatized Cementos Colon, producer of concrete. The performance of Cementos Colon since then has been nothing less of spectacular. According to the magazine Estrategia y Negocios, in 2000 the firm had annual sales of US$30 million and increased market share from 5% in 1998 to 17% two years later (26). In 2000 Grupo Corripio also created a joint venture with the Costa Rican Durman Esquivel and Metaldom – a large Dominican producer of metal products – to start producing PVC pipes in the Dominican Republic. According to Durman Esquivel the new factory of PVC they opened with Grupo Corripio and Metaldom in 2001 generated profits faster than any other of Durman's investments in Central America, Mexico and the Caribbean.
While Corripio has show an incredible amount of growth, the business has localized mainly in the Dominican Republic, Central America and the Caribbean; this is mainly because the company's main source of income comes from selling American and Chinese home appliances in countries were these products aren't easily available. The company sells these home appliances at a higher price than that which you would normally see if you where in the U.S. because they have to bring the products to the country and have very little competition. Because of this the company cannot expand to the U.S. or Puerto Rico
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...
where these home appliances can be purchased at a significantly lower price.
Social and political activities
The success enjoyed by Grupo Corripio over the decades has enabled the family to expand it's influence throughout the country. In Dominican society it is "traditional" for large groups to finance political parties, as recognized by José Luis Corripio in a newspaper interview in 2002. The largest groups are also directly involved in supporting nongovernmental organizations (NGOs) and foundations as well as cultural events. Through all these mechanisms they contribute to setting the political, economic and cultural agenda of the country.The Group has established the Fundación Corripio which collaborates in developing a wide variety of objectives and programs related to cultural diffusion.