For decades, PRIDCO operated as a subsidiary of the Puerto Rico Economic Development Administration (PREDA); the agency that oversaw the systematic operation which transformed the economy of Puerto Rico from an agricultural economy into an industrial one known as Operation Bootstrap. Bootstrap was the brainchild of PREDA's first administrator, Teodoro Moscoso. Other notable industrialists served in PREDA as well, such as Hugo David Storer Tavarez who served as the director of promotion for some years, and William Riefkohl who served as its deputy administrator from 1988 to 1992. As PREDA continued to transform Puerto Rico, PRIDCO eventually became an independent agency. A government reorganization eventually merged PREDA into PRIDCO, establishing PRIDCO as the focal agency for all manufacturing in Puerto Rico while PREDA ceased to exist.