By Dennise Williams, Staff reporter 
Woodrow Mitchell, managing director of Walkerswood Caribbean Foods. - Ian Allen/Staff Photographer
WALKERSWOOD CARIBBEAN Foods, makers of jerk seasonings, sauces and chutneys, has expressed its intention to list on the Jamaica Stock Exchange (JSE) within five years.
Buoyed by the successes of the listings of Capital and Credit Merchant Bank (CCMB) and Jamaica Money Market Brokers (JMMB), the company is
positioning itself to tap into the
full value of the company through the stock exchange.
According to Managing Director Woodrow Mitchell, "We are
committed to providing wealth
creation for our staff and other related parties."
Currently, Walkerswood is a
privately owned company. The current shareholders are mainly employees; many have been with the company from the days when it was a community self-help project focusing on jerk pork seasonings. However, in recent times, Canadian billionaire Raymond Chang, head of CI Mutual Funds in Canada, has also invested in the company to help modernise its processes.
VIABLE PRODUCT
Yet, the executives at Walkerswood believe that they have a viable product that would entice Jamaican investors. Explained Johnny McFarlane, director of group development: "I believe we would have an easier time marketing ourselves because Walkerswood is so well known."
The company, which started in the 1970s, has grown to a 20-
product company that earned US$4 million in sales in 2003. The
company currently distributes in Germany, Switzerland, the United States and the United Kingdom.
But before the company approaches the stock exchange, they want to deepen their market penetration. Said Mr. Mitchell: "We want to set up our distribution channels first. The company has a long way to go."
PRODUCT DISTRIBUTION
To that end, the company recently appointed Lascelles deMercado to distribute their products. Mr. McFarlane tells the Financial Gleaner: "By appointing Lascelles, we hope to break into the markets that Appleton Rums serve in Mexico, New Zealand and South Africa. However, it is right here in Jamaica that the association it has already paid rich dividends.
Mr. McFarlane tells us,
"Since June, our local sales of Walkerswood products have
doubled each month. This
provides huge opportunities for
our local farmers, because as we grow, they grow."
And so, the company believes that the new US$4.5 million
processing plant they are working on will not only transform the company, but also make it more attractive to investors. "The value of the company will increase once the factory is completed," Mr. McFarlane asserts.
And once the company is ready to list, Mr. McFarlane believes that the best approach for the company is to place enough shares on the market that will enable the public to participate in the company's successes without diluting the shareholding of the original investors and shareholders.
