Cor­rpak ac­quired by Cana­dian com­pany

Jamaica Gleaner - - BUSINESS - Email en­tries to: busi­ness@glean­erjm.com. Steven Jack­son Se­nior Busi­ness Re­porter steven.jack­son@glean­erjm.com

Hugh Law­son Shearer Trade Union Ed­u­ca­tion In­sti­tute pub­lic fo­rum ‘Pub­lic Sec­tor Work­ers: Ex­pec­ta­tions Be­yond March 2017’, at HLSTUEI Lec­ture Room, Univer­sity of the West Indies, Mona Cam­pus, Kingston, 9:30 a.m. hlstuei@open.uwi.edu

OC­TO­BER 4

Univer­sity Col­lege of the Caribbean/Caribbean School of Med­i­cal Sci­ences Ja­maica part­ner­ship agree­ment, at UCC Main Cam­pus, 17 Wor­thing­ton Av­enue, New Kingston, 10 a.m. mar­ketingof­fi­cer2@ucc.edu.jm

OC­TO­BER 6

Cable & Wire­less Ja­maica poll on res­o­lu­tion to fix re­mu­ner­a­tion of the au­di­tors, at The Ja­maica Pe­ga­sus Ho­tel, 81 Knutsford Boule­vard, New Kingston, 10 a.m.

OC­TO­BER 7

Sweet River Abat­toir & Sup­plies Com­pany Lim­ited an­nual gen­eral meet­ing, at Golf View Ho­tel, 5 1/2 Caledonia Road, Man­dev­ille, Manch­ester, 10 a.m.

OC­TO­BER 7

In­sti­tute of Char­tered Ac­coun­tants of Ja­maica busi­ness con­fer­ence ‘#Glob­alMe­ga­trends – Growth in a Shift­ing Land­scape’, at The Ja­maica Pe­ga­sus ho­tel, 81 Knutsford Boule­vard, New Kingston. pub­re­la­tions@icaj.org

OC­TO­BER 8

Ja­maica Man­u­fac­tur­ers As­so­ci­a­tion 48th an­nual awards ban­quet. djamila@jma.com.jm

OC­TO­BER 10

CANA­DIAN OVER­SEAS Pack­ag­ing In­dus­tries Lim­ited (COPI) has reached an agree­ment to ac­quire lo­cal box maker Cor­rpak Ja­maica Lim­ited for an undis­closed sum. The deal will re­sult in Cor­rpak merg­ing op­er­a­tions with Ja­maica Pack­ag­ing In­dus­tries (JPI), an ex­ist­ing sub­sidiary of COPI. JPI has op­er­ated in Ja­maica for more than 60 years. Howard Mitchell, chair­man and prin­ci­pal of Cor­rpak, con­firmed the sale, say­ing the tim­ing was right for such a deal. He pre­vi­ously weighed tak­ing the decade-old com­pany pub­lic via the Ja­maica Stock Ex­change. “I am not get­ting any younger, and the best time to sell is at the top,” he told Gleaner Busi­ness last Fri­day. Mitchell will serve as a direc­tor on the board of the merged op­er­a­tions. COPI pre­vi­ously man­u­fac­tured in Ja­maica, but left in the 1970s, Gleaner Busi­ness un­der­stands. When COPI pulled out, it con­tin­ued dis­tribut­ing items via JPI. The takeover comes af­ter a $110mil­lion ex­pan­sion pro­gramme at Cor­rpak, on which out­lay be­gan in 2013 to re­tool and add ware­hous­ing space and grow the com­plex to 46,000 square feet. It was also ex­pected to grow ca­pac­ity by 40 per cent and take pro­duc­tion to 1.1 mil­lion car­tons a month. Cor­rpak now claims con­trol of 40 per cent of the mar­ket, which equates to pa­per us­age of more than 4,200 tons an­nu­ally. Its Ja­maica Bankers As­so­ci­a­tion/Ja­maica In­sti­tute of Fi­nan­cial Ser­vices 5th an­nual AML/CFT con­fer­ence ‘Un­der­stand­ing Our Obli­ga­tion ... Safe­guard­ing Our Fu­ture’, Oc­to­ber 10-11, at The Ja­maica Pe­ga­sus ho­tel, 81 Knutsford Boule­vard, New Kingston. info@jif­sjm.org

OC­TO­BER 11

As­so­ci­a­tion of Char­tered Sec­re­taries & Ad­min­is­tra­tors in Ja­maica sem­i­nar ‘Board Com­po­si­tion & Suc­ces­sion Plan­ning’, at The Knutsford Court Ho­tel, 16 Chelsea Av­enue, New Kingston, 6 p.m. rema.spence2007@ya­hoo.com In this June 2016 photo, a worker mon­i­tors equip­ment at the Cor­rpak plant in Kingston. The box maker is be­ing ac­quired by Cana­dian firm, COPI.

rev­enues are on a path to hit $800 mil­lion in 2017. The deal with COPI will re­sult in JPI in­creas­ing its con­trol of the lo­cal mar­ket from 10 per cent to 50 per cent, Mitchell said.

“Growth over the past two years has been a re­sult of in­creased cap­i­tal in­put, re­or­gan­i­sa­tion and im­proved strate­gic man­age­ment,” said Mitchell. He adds that the re­cent in­vest­ments in the com­pany were not made to po­si­tion the busi­ness for sale, but to grow the oper­a­tion.

The merged op­er­a­tions will be chaired by

An­der­son Chris­tensen, who is the chief ex­ec­u­tive of­fi­cer of In­ter­na­tional Pack­ag­ing Ser­vices, COPI’s trad­ing arm.

“The com­bined oper­a­tion will be in­vest­ing in new tech­nol­ogy to in­crease pro­duc­tion lev­els, en­hance do­mes­tic ex­port growth and of­fer greater re­li­a­bil­ity and value to our Ja­maican cus­tomers,” said Cor­rpak and COPI in a state­ment re­leased to Gleaner Busi­ness.

Howard Mitchell, founder of Cor­rpak Ja­maica. OC­TO­BER 4

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