Caribbean Flavours adds new markets
Caribbean Flavours & Fragrances (CFF) has added three new Caribbean markets and is positioning itself to deliver increased supply overall through the upgrade of its Kingston-based manufacturing laboratory.
"We have been going into new non-traditional markets that are Caribbean," managing director Derrick Cotterell told shareholders at the company's annual general meeting on Wednesday.
He said the flavour manufacturing company has identified "major growth areas" in the non-English speaking Caribbean.
"There are three huge markets that we are in different stages of looking at. We have done some work in the Dominican Republic, and has gotten some business out of (there), and we are doing exploratory work in Cuba and also Haiti," he said.
CFF does not expect immediate results from those explorations but is optimistic of future breakthroughs.
"We keep our fingers crossed, and if things play out right, we should see something in Haiti next, and we should continue to grow the business in the Dom Rep," he said, adding that Cuba may "continue to be a little bit of a challenge" for now.
"You just want to be there early, so we are making sure we are there early," Cotterell told shareholders.
The company invested $3 million to upgrade its main beverage lab and will also upgrade others over time, Cotterell told the Financial Gleaner following the company's AGM.