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Wal-Mart to Expand Presence in Central America


U.S. retail giant Wal-Mart has announced it is increasing its presence in Central America, creating 6,000 new jobs in Guatemala, Honduras, Nicaragua and Costa Rica.

The company announced Wednesday, it has now acquired 51 percent of Central America's biggest retailer, Central American Retail Holding Company, or CARHCO. Wal-Mart said it will replace the name CARHCO with Wal-Mart Central America, but otherwise will make no major changes in the stores.

Wal-Mart acquired 33 percent of CARHCO in September. Financial terms for the latest acquisition were not released.

Wal-Mart says its expansion will create more than 6,000 jobs over the next two years, as well as stimulate export of local products.