Jamaica Fibreglass Products (JFP) Limited, a company which has offered contract fabrication since 1985, is optimistic about adding new product lines and entering new markets in the new year, despite pandemic conditions, says owner Metry Seaga, in an update provided to the Jamaica Observer.

The company which specialises in custom creations for decor installations and furnishings, manufacturing tables, chairs, counters, planters, divider walls, bars, complete hotel room suites and related lines supplied domestically and within the Caribbean. Core business is linked to the hotel and restaurant trade, both of which were severely affected by the economic downturn induced by the novel coronavirus pandemic.

The impact of the pandemic has caused the company to temporarily shift the timelines for both its fund-raising and expansion plans, but Seaga told the Business Observer he is bullish on the future, adding, “Our company has managed the pandemic very well. Most importantly, we have managed to maintain 100 per cent of our staff complement without any reduction of salaries.”

The pandemic has also opened new doors. Jamaica Fibreglass, he outlined, has temporarily shifted focus from hotel and restaurant furniture to more COVID-related items such as acrylic screens, testing booths and other supplies for the health industries.

Seaga explained, “Whilst our main customer base of restaurants and hotels did contracts, we have noticed a gradual return to near normalcy and hope and pray for a bumper 2022.”

JFP is meanwhile looking to raise in the region of $280 million for a venture into export markets in North America and the Caribbean and has hired investment adviser GK Capital.

GK Capital, in a release earlier in the year, indicated that it was also evaluating several strategic options for fund-raising including the launch of a potential initial public offering (IPO) of JFP’s ordinary shares on the Jamaica Stock Exchange (JSE).

The company historically has manufactured furnishings for brands such as Starbucks, KFC, Wendy’s, AC Marriott, Sandals, S Hotel, and others in Jamaica and the region. Spanish Court Hotel, Sunset Jamaica Grande, St Lucia Coconut Bay and SuperClubs properties have also hired the manufacturer for custom work in the past. Now, it is looking to expand its brand to North America.

JFP has a staff of just under 200, including its Spanish Town Road HQ and a factory on East Street in Kingston.

The company’s projected growth path is linked to the coming on stream of over 25,000 new hotel rooms scheduled in Jamaica over the next five years.

Hotel contracts disclosed in the past include solid mahogany case furnishings for hotel bedrooms alongside bathroom vanities, side tables, magazine racks and luggage racks for one property which was being upgraded.

A previous contract included store installations for Cable and Wireless, which saw JFP doing installations for stores right across the Caribbean for a contract valued at US$1 million.

The company’s clientele also span the restaurant/fast food sector, as well as nightclubs and hospitals.

Seaga asserted, “We as a company have not shelved or even delayed expansion. Plans are bullish on the future of our company.”