Wednesday 17 July, 2019

Wisynco to acquire 30% stake in JP Snacks

JP St Mary’s snacks will continue to be the flagship product line of JP Snacks through its banana, plantain, cassava and breadfruit chips.

JP St Mary’s snacks will continue to be the flagship product line of JP Snacks through its banana, plantain, cassava and breadfruit chips.

Jamaica Producers Group (JP) has announced an agreement to transfer a 30 per cent stake in its subsidiary, JP Snacks Caribbean to Wisynco Group.

Wisynco is investing $720 million for the interest in the JP subsidiary which owns the “JP St. Mary’s” brand and JP’s tropical snack manufacturing operations.

In a notice to the Jamaica Stock Exchange on Tuesday, JP said the goal of the partnership is to bring to consumers in Jamaica and internationally, a wide range of innovative Caribbean snacks and tropical foods.

It also seeks to strengthen distribution in existing markets in the USA, Canada, the Caribbean, the UK and Central America, in addition to seeking new markets.

“Wisynco will bring to the partnership, their expertise in marketing, manufacturing and importantly, their best in the class distribution network,” JP said.

JP St Mary’s snacks will continue to be the flagship product line of JP Snacks through its banana, plantain, cassava and breadfruit chips, as well as similar product lines for the Spanish language markets.

JP Group is a Jamaican-owned multinational, with its primary businesses in food and logistics. It and operates a fresh juice manufacturer, supplying Holland, Belgium, Scandinavia and other markets in Northern Europe.

Wisynco imports brands of foods, beverages, and paper products, and manufactures Bigga, Wata, CranWata, and Boom beverages as well as synthetic packaging products. Wisynco distributes 110 brands, including Coca-Cola, and has more than 4,000 different products including beverages, grocery and items.

 

 

 

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