JAMAICA, St. Catherine. The takeover of Meats Experts Limited, which was completed for $50 mill., follows on the signing of a Memorandum of Understanding and Letter of Intent between EFresh and Meat Experts.
Located in Bog Walk, St Catherine, the Meat Experts is a widely integrated manufacturing operation. The company is said to have its own abattoir, cutting, processing, packaging and cold storage facilities and logistics network.
In a notice to shareholders on the Jamaica Stock Exchange, chairman of EFresh Gregory Pullen noted that the company expects to spend an additional $30 mill. on upgrading Meat Experts facility.
Meat Experts acquisition follows on losses of $17.5 mill. EFresh reported for its third quarter ended September 30, 2018. The losses reflected a decrease of $28.7 mill. over the corresponding quarter of 2017.
Revenues for the quarter stood at $421.9 mill., $28.3 mill. lower than September 2017, while total expenses climbed from $4.8 mill. to $29.9 mill. year-over-year reflecting increases in professional fees, director's fee and general administration.