Wisynco to invest $300M in plant upgrade

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver.com

Wednesday, December 30, 2015

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Manufacturing and distribution company Wisynco Group Limited will receive another upgrade in plant and equipment next year valuing roughly $300 million.

Chairman of the Group, William Mahfood, in an interview with the Jamaica Observer on Monday, said a commitment has already been made to get the upgrade under- way, following the consolidation of the distribution and sales of Trade Wind Citrus and Tru Juice into the Wisynco Group.


"It will be in manufacturing as well as in areas like trucks and equipment for distribution, upgraded technology and plastic manufacturing. We are also doing quite a bit of investment in the restaurant business and we will continue to look at other opportunities," Mahfood stated.


The investment comes on the heels of a $200 million-dollar solar plant that Wisynco recently commissioned into operation at its Lakes Pen headquarters in St Catherine. The plant is expected to save the company up to US$1,000 per day from the reduction in its use of the island’s grid.


Additionally, the Wisynco Group invested US$6 million in warehouse space, US$2 million in a water-treatment plant, and US$1.75 million in a new office building earlier this year.


Mahfood described 2015 as a good year for the company having copped the Governor General’s Award for manufacturer of the year at the Jamaica Manufacturers’ Association (JMA) annual awards banquet in October; its investments in production capacity and significant growth in local and international sales.


It’s the fourth time that Wisynco has won the GG’s award for manufacturer of the year, after its surprise win in 2011. "The success really comes down to the people.


We have a staff of almost 2000 individuals today, and it is the commitment of our people that has really caused us to be more successful than anything else," Mahfood told the Business Observer.


"From the line staff in the warehouse factories up to management, the commitment, dedication and passion both in manufacturing, distribution, sales and operation is what makes the company successful."


He noted that the company has had some benefits from the reduction in oil and commodity prices and urged young manufacturers to seek out investment opportunities within the sector.


"It’s very good for small manufacturers to look at investing in new capital, production and so forth.Especially with the lowering of the interest rates, there are a lot more funds available from institutions such as the Development Bank of Jamaica, through some of their programmes.


I think it’s a very opportune time for small manufacturers to look at investing in Jamaica," he said.


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