Jamaica Producers Group Limited (JP) has announced that it has entered into an agreement to acquire a 50 per cent shareholding interest in Geest Line Limited.
Geest Line Limited, based in the UK, is a shipping line connecting trade between Europe and the Caribbean for more than 65 years.
Sealines Holding NV, a worldwide leader in reefer vessel shipping services, will hold the remaining 50 per cent interest in Geest Line Limited
According to Jeffrey Hall, chief executive officer of JP, “This acquisition is a key component of JP’s strategy to continue to strengthen and expand its investment portfolio in Caribbean Logistics and Infrastructure.”
A Jamaican-owned multinational, JP operates primarily the in food and logistics sectors. Its logistics interests include Kingston Wharves, the regional multi-purpose port, and JP Shipping Services based in the UK.
In addition, the company owns and operates Hoogester, a fresh juice manufacturer that supplies the Netherlands, Belgium, and Scandinavian markets in Northern Europe.
Through its Tortuga International subsidiary, JP Group also operates a Jamaica-based bakery that supplies Tortuga Rum Cake to over 15 countries.
JP also owns JP Farms, Jamaica’s leading banana farm, which is described as the largest private sector employer in St Mary, Jamaica.