Uncertain future for Appleton as company seeks to plug unsustainable losses
The management of J Wray and Nephew has written to the unions representing employees about the future of the Appleton sugar operations in St Elizabeth.
It comes amid anxiety that the company will be closing down its sugar business because of mounting losses.
According to a spokesperson for the company, the COVID-19 pandemic has worsened the financial pain for the entity.
"The company is reporting significant losses from its 2020 cane and sugar production," said the spokesperson.
This is consistent with a trend over the past decade, but the company said it the losses have now become unsustainable, given the tightening fiscal situation.
"The global pandemic resulted in the closure of bars and other routes-to-market, and in so doing, crippled the domestic and export earnings of J. Wray & Nephew," said the spokesperson.
However, the company said the impact of the fallout was still being tallied and is likely to continue into 2021.
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