Wray and Nephew says it's staying in Jamaica despite tax increase
J. Wray & Nephew Limited is assuring of its commitment to remain in Jamaica despite the imposition of further taxes on alcohol.
In a release last night, the company said it’s concerned about the impact the increase will have on its business.
The Company’s Managing Director Jean-Philippe Beyer noted that the increase comes at a time when its parent company, Gruppo Campari, is faced with several other challenges in its Jamaican business.
However, he says Gruppo Campari remains resolute in its belief that maintaining the authenticity and world renowned quality of its Jamaican brands is only possible if the production process remain in Jamaica.
The company says it has applied an increase to a small number of brands in its portfolio but the price for its premier Tonic wine, Magnum, remains unchanged.
In an immediate response to announced increases last week, Managing Director of Red Stripe Ricardo Nuncio, said it would put the company's investments at risk since its growth expectation will be severely modified.
It was suggested that the increase could cause Red Stripe to scrap plans to spend US$20 million to put in a new packaging line for exports, and the expansion of its Cassava Starch Factory.