Business Briefs
Published:Tuesday | November 20, 2018 | 12:00 AM
Big savings for Red Stripe from LNG conversion
Desnoes & Geddes Limited, which trades as Red Stripe Jamaica, says in the one year since its conversion to LNG fuel to run its plant, the brewery has saved $42 million on its energy costs.
Red Stripe's Technical Operations Manager Neville Alexander,said in a release that conversion has boosted production by 50 per cent, reduced the brewery's carbon emission by 6,000 tonnes, and increased its electrical and steam output by 30 per cent.
The conversion programme is ongoing, with three steam boilers left to complete the switch this month. The first phase of the project was completed in October 2017, Red Stripe said.
GraceKennedy targeting 50% export growth
Food and financial services conglomerate GraceKennedy Limited aims to grow annual exports by 50 per cent over four years, fuelled by capital expansion at its five Jamaican factories.
The products include juices, sauces and canned goods, but also new lines, such as yam.
"We are confident we will hit the target," said Group CEO Don Wehby on Tuesday.
Wehby said that GK would reinvest in both human resources and capital to modernise its plants to keep up with export demand. The conglomerate already earns half of its revenues from outside Jamaica - mostly from North America at 26 per cent, followed by Europe at 15 per cent.
"We will invest significant capital," said Wehby. "My team is finalising the strategic plan."
GraceKennedy will also open a sixth factory in January, at Denbigh, Clarendon, which will package frozen products, including yam and sweet potato, Wehby said.
The conglomerate's annual turnover currently tops $90 billion across the group, but it wants to hit $100 billion in revenues by its 100th anniversary in 2022.