Derrick Cotterell, managing director of Caribbean Flavours Limited (CFL), said his company has developed a five- year plan to gain a foothold in the extractions market, valued at some US$5 billion internationally.
Over the period CFL is projected to spend in the region of US$200,000 to expand its laboratories to meet this new push.
“We are looking at ginger, pimento, fever grass, coffee, some old areas but also some areas which are not yet done in Jamaica,” the manager said. The company is now doing feasibility studies to see which raw materials are most commercially viable.
CFL, he stated, is targeting both regional and extra-regional markets for extractions.
The company’s recently released annual report indicates that it will focus, first of all, Agricultural products such as ginger and coffee.
CFL recently spent $3 million on the upgrade of its principal laboratory — commissioned mid-year 2016 — which Cotterell said will improve speed and capacity with the more tests which can be done.
Capital expenditure planned for the 2016-17 year is US$200,000 covering principally additional equipment for the company.
Published in the Observer
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