Caribbean Producers Jamaica CPJ [JSE: CPJ] has announced that it will spend an additional USD $500,000 this year and going into 2019 for further upgrade of its plant, after upgrading its manufacturing line at the cost of USD $350,000 according to Chief Executive Officer, David Lowe.
Currently, CPJ operates on 125,000 square feet and plans to expand its warehouse space by 60,000 square feet as it aims to meet increased demand while improving efficiency. The company aims in the expansion of its new seven-acre complex, to upgrade their distribution operation and cold storage capacity.
Lowe stated “we are investing in upgrading our warehouse management system to accommodate the management and rotation of our large and diverse portfolio of frozen, dry and chilled food categories – totalling over 4000 Stock Keeping Units (SKU).”
Caribbean Producers Jamaica Ltd. (CPJ) was established by Mark Hart and Thomas Tyler in 1994 in Montego Freeport, St. James. The company was listed on the Jamaica Junior Stock Exchange (JSE) on July 20th, 2011. Caribbean Producers Jamaica Ltd. is one of Jamaica’s leading food service retailers, manufacturers and distributors in the retail and hospitality sector. The company offer a wide array of international and locally manufactured products including wines, spirits, beverages, groceries, meats and select seafood. CPJ also exclusively distributes Lifespan water, which has been gaining significant market share.
Currently, CPJ is Trading at $4.62, and Stocks and Securities Limited recommends a hold on this stock, as CPJ is on a growth and expansion stage.