Word: impulsora
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Dates: during 1943-1943
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...first practical examples of private U.S. capital going into Latin America on a partnership basis is at hand. Slim, shrewd Charles Foster Glore (of the investment banking firm of Glore, Forgan & Co.) has formed a Mexican corporation with a down-to-earth purpose and a jawbreaking name: Impulsora Comercial e Industrial S.A. (Industrial & Commercial Development Corp...
...Impulsora's backers (so far its capital is a modest $500,000) are 50% Mexicans, 50% U.S. citizens, but its president is 100%-Mexican Salvador Ugarte, who also heads Mexico City's potent Banco de Comercio. Its purpose is to find ways of investing the long-term capital of both countries in productive Mexican enterprise; its pet project is to help U.S. corporations establish branch plants that will be 50% Mexican-owned. Said Charlie Glore last week, understating the case for his corporation: "Business in Mexico is going to be small for some time ... it has to grow...
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