GK aims for Cuba as cherry of Latin American potential cake
GK aims for Cuba as cherry of Latin American potential cake
— Considers listing on developed world stock exchanges
BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com
Friday, May 29, 2015
THE Jamaican based financial and food conglomerate GraceKennedy (GK) wants to enter Cuba and the wider Latin America utilising its recently acquired La Fe line of products.
As such, GK set up an internal unit to explore opportunities in the Americas. Concurrently, GK continues to mull listing on stock exchanges in developed markets as its medium-term strategy.
"Think about this colleagues and shareholders, we have acquired a portfolio of the hispanic brand La Fe. When Cuba opens up, GK [will be in a] position through our La Fe brand to enter Cuba. And we have a number of products that we believe, based on our research, that other Hispanic Caribbean countries will find attractive," stated Group Chief Executive Officer Don Wehby at the company's annual general meeting at its Harbour Street, Kingston headquarters on Wednesday. "We are going to be looking at Latin America to see if there are any opportunities there going forward."
Last July, Grace acquired La Fe for some US$26 million as a method to control its route to market in the US. La Fe sells its own branded frozen products, fruits and vegetables, but also distributes other brands. It operates four distribution centres and one factory in the US, with a strong presence in Florida, North Carolina, Georgia and the New York City/Tri-state area.
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http://www.jamaicaobserver.com/business/GK-aims-for-Cuba-as-cherry-of-Latin-American-potential-cake_19034059