Seprod now targeting Latam for expansion
Published:Wednesday | July 17, 2024 | 12:06 AM
Food manufacturer and distributor Seprod Limited has cranked up its second five-year programme of expansion. This time the company is targeting Central America and elsewhere in Latin America for a buildout of its manufacturing and distribution channels.
CEO Richard Pandohie outlined the new effort after updating shareholders about the company’s performance at their annual general meeting on Monday.
Pandohie said the company is focusing on the Latam expansion at this time to ensure that the growing group of companies continues to expand into a global player.
“The journey started out with Jamaica, then we went out into Caricom, then the rest of the Caribbean, meaning Dominican Republic and Puerto Rico; and we obviously have our eyes on Central America and Latin America,” Pandohie said.
Pandohie noted that Seprod has changed a lot over the last five years, but that a lot more was in store.
“We expect Seprod to change again and be transformed into a Central American and Caribbean conglomerate. That’s the direction that we’re thinking of,” Pandohie said.
The company is already testing its products in the market, and also has contract-manufacturing arrangements with companies already in the Latam market. Seprod’s own inroad into Latin America should be evident within 24 to 36 months, Pandohie added.
One of the operations for which the Jamaican company does co-manufacturing is American coffee giant Starbucks. The opportunity presented itself when Starbucks needed cans for its coffee, the United States having run out of canning capacity, the Seprod CEO said.
In addition to food, Seprod hopes to leverage its relationship with pharma giant, Pfizer, to go after more business in the pharmaceutical space.
“We’re looking at the pharmacy space the food space and definitely partnering to go more regional,” Pandohie said.
He says the recent acquisition of Caribbean Producers Jamaica by subsidiary, AS Bryden, means that the Seprod Group can effectively compete in the tourism marketplace, which for Jamaica represents some four million visitors.
“This acquisition is going to give us that space and fill out an important part of the business. You cannot be in the region if you’re not going to be a part of the tourism space. It brings people into the region, and it gets our people to work with those people. There was definitely a gap which we’re looking to close fast,” Pandohie told the Financial Gleaner.