Having witnessed growth in its revenue both organically and through acquisition, Wisynco Group Limited is planning to expand its product offering as it increases the square footage of its factory space.
Chairman William Mahfood told Caribbean Business Report that the company’s acquisition of 30 per cent stakes in Jamaica Producers Snacks Caribbean Limited and Worthy Park Estates Limited contributed 10 per cent to the increase in revenue.
Responding to query about other planned expansions for the year, Mahfood stated, “Strategically, we are always looking for new partnerships.”
He added that during the course of this year, investors and consumers can look out for “a number of opportunities we are going to roll out with the partnership with [JP’s] St Mary’s” as well as “new product innovation and development with Worthy Park.”
The launch of the new products will occur over the next 12 months and coincides with Wisynco’s expansion of its factory space.
“We are also going to be doing a major expansion here over the course of the next twelve months and all of those will give significant increases in terms of revenue opportunities to the company,” the chairman disclosed.
Asked if theWisynco is considering expansion because of the closure of its Styrofoam plant, Mahfood indicated the negative. Rather, he said the company has been looking for opportunities to increase its capacity.
“What’s happening is we are getting to the point where we need more innovation in our own products; we need more brand development, we need more capacity to keep growing,” he asserted.
While tight-lipped on the spend for the expansion of the factory, Mahfood assured that “In the first phase we are looking at 130,000 square feet.”
At present, Wisynco is still awaiting a budget with quotations and estimates and other details from engineers. However, Mahfood promised that once the company has begun construction, it will, through the Jamaica Stock Exchange, communicate plans.
“The early part of next year we should be up and running,” the chairman said.