News Feed

West Indies Gypsum sings ExIm Bank praises

wsmith — Wed, 19 Oct 2011 11:42:55 -0500

Managing director of West Indies Gypsum, Brian Walks (right), explains to managing director, EXIM Bank, Lisa Bell, and Jeoff Ziadie, board member, the benefits of the gyp-silk gypsum veneer plaster, one of three new products launched by the company. The launch took place at the company's head office in Bull Bay, St Thomas. - CONTRIBUTED

THE NATIONAL Ex-Im Bank of Jamaica has been lauded for providing financing to West Indies Gypsum which has resulted in the company launching three new products for the construction sector.

Brain Walks, managing director of West Indies Gypsum, expressed gratitude to the bank for its commitment to the development of the viable businesses. "The EXIM Bank has provided capital and raw-material financing, which has allowed us to install state-of-the-art blending and batch-weighing equipment to broaden our product options," noted Walks.

The three new products which the company has launched are tuff-rock cement veneer plaster, gyp-silk gypsum veneer plaster and the quick-set joint compound.

First-world quality

Walks said the new products are of First-World quality and have the ability to last for a lifetime. "These products have been tested in Europe against moisture, wind, rain and fire, and it has been proven that they don't burn, leave water marks, or sag after constant exposure to these elements," added Walks.

Managing director, EXIM Bank, Lisa Bell, on a recent tour of the West Indies Gypsum plant in Bull Bay, St Thomas, praised the company for its innovation in creating products that will meet consumer demand, locally and internationally.

"We supported West Indies Gypsum and partnered with them in their plant and product-expansion programme because we have confidence that there is a strong demand for these new products and their ability to earn the country valuable foreign exchange through exports," noted Bell.

West Indies Gypsum professionally installs gypsum ceiling tiles and wallboard to ceilings and walls. Their ceiling tiles are made in Jamaica using indigenous gypsum resources which make them fire-resistant, non-toxic and non carcinogenic, with no smoke emissions. These tiles do not bow or sag due to humidity and do not leave brown stains when exposed to water.

Source: Jamaica Gleaner Online

J$700m Naggo Head factory pushed back to November

wsmith — Fri, 18 Jun 2010 14:36:03 -0500

Industry and Commerce Minister Karl Samuda has set a November date for the construction of 100,000 square feet of new factory space at Naggo Head in St Catherine.

But the project, which has been on the table since last year, will now cost J$700 million, or 40 per cent more than the J$500 million that was initially projected.

The space will accommodate information and communication technology firms.

Samuda said Tuesday that the request for proposal for consultants and terms of reference for the project have already been completed.

"We hope to complete the evaluation of proposals by August 20 for submission to Cabinet by October 15," he said.

"We expect that construction on this project will commence in November of this year, and that by September of next year the Naggo Head industrial site will be completed and ready for occupancy."

Samuda said the plant would be the first phase of the Government's plan to expand factory inventory for the ICT sector, which is seen as a good prospect for creating jobs.

"The signs are very good; perhaps this is the best route to take to create the jobs in the shortest possible time," he said.

Samuda said the interest by ICT investors has not waned since the civil unrest in Tivoli Gardens in West Kingston.

"The demand is out there for Jamaica. They have expressed it and notwithstanding the difficult challenges we have faced recently," he said, "the signs are very encouraging ..."

Of the new space to be created, which is being built through the government's Factories Corporation of Jamaica, 40,000 square feet is expected to be occupied by the ACS E-Services Group.

The company had indicated last year that it would take up the new space immediately, but declined to say the level of investment being made in the expansion.

Factories Corporation of Jamaica will develop the new space in two phases over two years.

Source: http://www.jamaica-gleaner.com

Relocation Notice

wsmith — Wed, 10 Mar 2010 11:49:13 -0600

Please be advised that Factories Corporation of Jamaica Limited has relocated.

NEW LOCATION: 17 Knutsford Blvd. Kingston 5

P.O Box 720 G.P.O. Kingston

TELEPHONE #: 968 – 4766 / 2484 / 2178 / 7592

960 – 0406

FAX LINE#: 960 – 4577 2^nd floor

929 – 7453 1^st floor

We continue to look forward to a good working relationship which we have enjoyed over the years.

Yours sincerely,

Factories Corporation of Jamaica

FCJ developing new factory space at Garmex

wsmith — Fri, 27 Nov 2009 13:58:46 -0600

Factories Corporation of Jamaica (FCJ), citing new demand for warehousing and manufacturing space, is expanding the Garmex free zone and commercial complex in Kingston that once flourished as a base for textiles.

That export business
, however, "has died out," says FCJ interim boss Horace Sutherland.

"The thrust of the government is to get back into manufacturing."

FCJ is now seeking contractors to build new plants at the Marcus Garvey Drive location, which would add 5,575 square metres or 60,000 square feet to its current inventory.

Sutherland said the Garmex compound was fully occupied and that there was growing demand for more space.

"Over the last two years, we have had expressions of interest," he said.

FCJ is projecting to construct three sheeted steel frame structures by 2011, and already the agency has sent out a construction tender notice.

Sutherland, who is also FCJ's property manager, acting as managing director, said construction is scheduled to commence by April next year and be wrapped up in 10 months.

A report on the performance of several government agencies tabled in Parliament by the industry and commerce minister, Karl Samuda during the Sectoral debate earlier this year, indicated that the project would have cost $220 million, but the FCJ acting head now says the job would likely cost more, pointing out that $220 million would cover construction costs alone and would not be sufficient to do required refurbishing of existing buildings constructed in the 1980s.

Funding

FCJ, which was established in 1987, is engaged in the business of leasing, managing and developing industrial properties and informatic space.

Its holdings, valued at about $6 billion on its balance sheet, covers 174,953 square metres of factory space, and in excess of 44.5 hectares of vacant lands.

FCJ has not said how the Garmex project would be funded.

At yearend, March 2009, the company was highly levered with long-term debts of $1.1 billion that near doubled the previous year's $673 million of long-term liabilities, and outpaced operating income 13 times.

Its stash of cash amounted to $165 million.

FCJ projects income of $490 million in the current period, mostly from rentals of 148,710 square metres of space, representing 85 per cent of its inventory.

SOURCE: Jamaica Gleaner

Xerox buys E-Services parent, ACS - US$6B deal to expand tech services business

wsmith — Wed, 30 Sep 2009 19:34:36 -0500

ACS/E-Services operation at Naggo Head, St Catherine. Xerox's purchase of Affiliated Computer Services means that it also now owns E-Services.

Xerox Corp said Monday it will buy Affiliated Computer Services Inc for about US$6.4 billion in cash and stock, joining the expensive race among technology companies to broaden their offerings.

Xerox said the deal will create a US$22-billion business that combines Xerox's copiers, printers and document management services with the "business process outsourcing" of Dallas-based ACS. Outsourcers like ACS take on tasks for other companies, such as helping to manage payroll or run health-care plans.

It also gives the company ownership of Jamaica's E-Services Group acquired by ACS earlier this year from Patrick Casserly and partners for US$85 million.

Xerox's offer amounted to a 33 per cent premium over ACS's closing stock price on Friday, although the value fell as Xerox shares lost $1.45, or 16 per cent, to $7.53 in afternoon trading, while ACS shares jumped $6.54, or 14 per cent, to US$53.79.

With the drop in Xerox's share price, the deal was worth roughly US$5.7 billion.

The move takes Xerox deeper into the back-office operations of its customers with the kind of acquisition that is popping up more and more as technology companies add a greater variety of equipment and services under a single tent.

ACS, a US$6.5-billion company with about 74,000 employees and profit of US$350 million in its last fiscal year, offers a range of services, such as helping companies manage health-care plans and accounting. It has customers in government, transportation, health care and retail.

Boost profits

By buying ACS, Xerox sees a way to boost profits and expand the roles it can play in assisting clients with running their businesses. "This is not just two companies coming together to get costs down," Xerox CEO Ursula Burns said in an interview, adding, ACS's chief executive, Lynn Blodgett, offered automated toll collection as an example. For E-Z Pass, the electronic toll system, ACS gathers images of cars passing through tollbooths and has employees record licence plate numbers manually for processing payments. Xerox has image-recognition technology that could automate that process and might take it a step further, checking whether a car's registration is up to date.

The deal marks Burns' first big move since she took over Xerox on July 1. Although still profitable, Xerox has been hurt by the slowdown in business spending during the recession. Apart from selling printers and copiers, Xerox leases equipment and charges for supplies and helps companies manage their documents. Xerox said buying ACS will triple its services revenue to an estimated US$10 billion next year.

In a conference call with analysts, Xerox Chief Financial Officer Larry Zimmerman said only about 20 per cent of ACS and Xerox customers overlap, meaning the companies will have an opportunity to sell those clients more products. In particular, Xerox hopes to expand the overseas reach of ACS, which does more than 90 per cent of its business in the United States.

Recent acquisitions

ACS stockholders will receive US$18.60 per share in cash, plus 4.935 Xerox shares for each ACS share they own.

Xerox, based in Norwalk, Connecticut, will also take on US$2 billion of ACS's debt and issue US$300 million of convertible preferred stock to ACS's Class B shareholders.

The acquisition is expected to add to adjusted earnings results in the first year. Xerox expects to save US$300 million to US$400 million in the first three years after the deal closes, which is targeted for the first quarter of 2010.

The companies said ACS will function independently and be headed by Blodgett, who will report to Burns.

This deal is similar to recent acquisitions.

Last week, Dell Inc said it would buy Perot Systems Corp for US$3.9 billion, kick-starting an information-technology services business for the company. That comes a year after rival Hewlett-Packard Co expanded its own services business with the US$13.9-billion buyout of Electronic Data Systems Corp.

Part of the logic behind such deals is to acquire companies that have tighter relationships with their customers because they provide more critical services, said Craig Le Clair, an analyst with Forrester Research. Businesses have more at stake outsourcing their payroll or accounting systems than buying copiers or personal computers. And companies that provide those services end up with steady revenue streams from multiyear contracts.

"Great move by Xerox," Le Clair said. "It's a very storied company, but one aspect of that story is they haven't moved into new markets quickly enough. And this is exactly the kind of thinking and bold move that will move them into the next phase of growth."

Investors who knocked down Xerox's stock Monday were taking a different view.

BMO Capital Markets analyst Keith Bachman praised Xerox for trying to diversify but was not sure how likely it will be that Xerox or ACS can sell more products and services to each other's customers. "We see less than optimal initial strategic overlap," he said in a note to investors.

Source: Jamaica Gleaner

FCJ pouring $500m into new space at Naggo Head - ACS E-Services to take up 40,000 sq ft

wsmith — Wed, 09 Sep 2009 15:05:39 -0500

ACS E-Services call centre operation at Naggo Head, Portmore, St Catherine, now consumes 50,000 square feet.

Factories Corporation of Jamaica (FCJ) is constructing 100,000 square feet of new factory space at Naggo Head in St Catherine, a $500 million project that will span five acres.

ACS E-Services Group will take up 40,000 square feet of the new space immediately, but the company that passed from Jamaican to American ownership last year, is not saying the level of investment being made in the expansion.

ACS paid Patrick Casserley and his partners US$85 million for the company, which Casserley continues to head.

Factories Corporation will develop the new space in two phases over two years, starting in this financial year.

Initially government officials had announced that ACS E-Services would have been consolidating its operations at the 'two towers' being built at Naggo Head, but the information and communication technology company told the Financial Gleaner that it was in fact adding to the operational space it already has there, creating another 100 jobs in the process atop the 4,000 said to be on the company's payroll up to earlier this year.

"ACS E-Services is not consolidating or closing any operations, but rather expanding by adding a new facility," said Carol DeMatteo, ACS corporate communications director, via email from the company's headquarters in the US.

Space growth

ACS E-Services currently occupies 50,000 square feet of office space at Naggo Head; the new space will grow that to 90,000 square feet.

DeMatteo declined comment on the capital outlay to expand, but FCJ charges US$10 per square foot per year for office space in the Naggo Head area, which would amount to US$400,000 or J$36 million annually for the amount of space that ASC E-Services is taking up.

FCJ controls approximately 109 acres of vacant land and some 1.88 million square feet of factory space at 36 locations in 11 parishes.

Only five per cent of its tenants are in the ICT sector.

The larger portion, 53 per cent, is in manufacturing.

Industry Minister Karl Samuda said earlier this year that any new space FCJ puts into inventory would be a replacement for square footage the state-owned company plans to retire elsewhere, but the Financial Gleaner was unable to ascertain immediately whether this would apply to the Naggo Head project.

SOURCE: http://www.jamaica-gleaner.com

Gov't promises more ICT office space

wsmith — Thu, 20 Aug 2009 11:55:47 -0500

MONTEGO BAY, St James - More than 600,000 square feet of new office space will be provided over the next five years as the Government moves to provide facility for Information and Communication Technology (ICT) services.

"This is the movement that we are heading towards for the future," said Minister of Industry, Investment and Commerce Karl Samuda.

Samuda was addressing the official opening of the American-owned Salary.com Jamaica Limited last Thursday at the Montego Bay Free Zone.

He said he was happy to observe that 95 per cent of space in the free zone was dedicated to the ICT industry.

Accordng to the technology minister, the Government is placing increased focus on ICT as part of the development effort, including providing computer training for students as early as the basic school level.

Observing that some 95 per cent of the Canadian population is computer literate, the minister said, "until we get there, whatever is being attempted will be frustrated".

"That is why the Government is placing so much emphasis on getting it started at the basic school level so that by the time a child reaches the high school stage, they would have all the knowledge and skills to create programmes of their own and make the kind of contribution to companies within the ICT sector, that will move the economy forward," he added.

Meantime, the minister commended Salary.com, noting that the company is strategically placed to assist the small business sector to enhance their operations at affordable costs.

"The opening of this facility is a true expression of confidence in the future of our country and I officially welcome you to our shores. We support you and assure you that the Government of Jamaica is in your corner and we look forward to a long and productive relationship," Minister Samuda stated.

Salary.com Jamaica Limited is a leading provider of on-demand compensation, payroll and talent management solutions, which is aimed at helping businesses and individuals manage pay and performance.

The company was opened in the Montego Bay Free Zone in November 2008 and employs an all-Jamaican staff of 40.

Source: Jamaicaobserver.com

Tourejon promotes 'Nyam Jamaica' programme for domestic food crops

wsmith — Thu, 23 Apr 2009 10:54:33 -0500

( T - B ) Yam - George Henry

Tourejon Food Processors Jamaica Limited, located at the Denbigh Industrial Estate, Clarendon, is one company that is helping to increase domestic food crops, while contributing to technology transfer.

They received support under the domestic food crop production programme, currently administered by the Rural Agricultural Development Authority (RADA), on behalf of the Ministry of Agriculture and Fisheries.

Crops targeted for processing include yellow yam, Negro yam, sweet potato, and dasheen, often in short supply on local and export markets. Recently Tourejon began processing these food items through a series of completely high-tech automated processes and packaging them in vacuum sealed bags for sale on local and overseas markets.

Tourejon director, Norma Russell, says products are mechanically peeled, sliced, sanitised, and packaged.

"Our slogan is 'Nyam Jamaica ... Yam Jamaica'," she says. "Our products are high in energy, excellent sources of fibre, full of antioxidants, easy to digest and, most importantly, very easy for householders to prepare," she noted .

Mrs Russell says that when she and business partner, Anthony Grant began thinking of a venture, they wanted to do something that was innovative and which contributed to nation building.

Decline in health

"I am committed to promoting Jamaican foods and encouraging increased use of local products, which are healthier and can save on imports while contributing to export earnings, hence my product labels Nyam Jamaica: Yam Jamaica; Nyam Jamaica: Sweet Potato Jamaica or Nyam Jamaica: Dasheen Jamaica,"

Local root tubers, better known as ground provisions, used to be staples in the diet of most Jamaican families. Today, with the faster paced modern lifestyle and the influence of television, most families are choosing foods that are easier to buy and prepare.

"The result is that more people are eating less ground provisions and more imported and refined foods, which have led to a decline in health," she laments.

The Tourejon director says she is determined to help to change this attitude.

"It's very simple and easy to prepare our yams, sweet potato or dasheen," she says. "Just open the package, place the desired amount in boiling water, the oven, casserole dish or on the grill, cook briefly for about six to 10 minutes and serve. Packaged this way, consumers not only have quick and easy access to healthier traditional foods, but can prepare them, not just as the usual boiled food, but in many different delicious ways." Mrs Russell says.

Numerous recipes are available on the Tourejon website, and that the product has a shelf life of three months.

Food import bills

Minister of Agriculture and Fisheries, Dr Christopher Tufton, has often made reference to what he terms, "Jamaica's worrying food import bills," which rose from US$479 million in 2002 to US$662 million in 2007.

He said that this is a threat to local food security, and he has made repeated calls for increased production of local foods, while committing the full support of the ministry and its subsidiary agencies, to help farmers and business persons to achieve this target.

Speaking at the recent launch of Tourejon Food Processors, he described the venture as timely, part of a vision that is more relevant today than ever before and one that is shared by the current administration. He said his ministry is committed to modernising the agricultural sector, which employs 20 per cent of the Jamaican labour force, making it a primary employer.

He said that Tourejon speaks to the ability of the sector to do more, by adding value to primary production and responding effectively to the needs of the market place while embracing the vision for the sector.

Over the past year, his ministry has worked to help farmers become more responsive to market needs, while supporting the creation of channels like the Tourejon operation to take off increased produce.

Tourejon Food Processors occupies about 30,000 feet of factory space and plans to expand production levels and items gradually. Currently, they purchase from local farmers but, eventually, intend to grow their own products.

Tourejon has benefited from technical support from the Scientific Research Council (SRC), RADA, the Ministry of Agriculture and Fisheries, the Jamaica Export Association and Jamaica Trade and Invest.

SOURCE: JamaicaGleaner

ACS Acquires e-Services Group

wsmith — Wed, 25 Mar 2009 10:18:56 -0500

Affiliated Computer Services, (ACS) yesterday announced it has closed the acquisition of Caribbean-based outsourcing firm, e-Services Group International, a company run by Jamaican Patrick Casserly for US$85 million, including the assumption of liabilities. Sources close to the deal said that the new entity will be called ACS e-Services and that Patrick Casserly will remain at the helm of this company.

Patrick Casserly

The Business Observer broke the story two weeks ago when details of the deal remained a closely guarded secret. ACS funded the transaction with existing cash on hand and previously disclosed it was in discussions to purchase the business process outsourcing (BPO) and customer care company. e-Services' revenue for the 12 months ended February 2009 was approximately US$65 million.

The acquisition provides ACS and its clients with an additional 4,000 highly trained, English-speaking workforce based in Jamaica and St Lucia capable of handling complex business functions from a location convenient to the Americas and Europe.

"This acquisition secures ACS' position as a leading customer care provider to the global market," executive vice-president and group president of ACS Business Process Solutions, Tom Blodgett said. "The veteran management and talented employees of e-Services will continue to provide high quality service to e-Services' global customers. The acquisition also allows ACS to expand in a location that gives clients access to cost-competitive customer care and BPO services."

The clients and employees of e-Services will now be backed by a FORTUNE 500 company offering a diversified suite of BPO solutions with demonstrated global delivery capabilities that serve its clients in more than 100 countries. No workforce restructuring is expected.

"The client-focused cultures at e-Services and ACS will ensure a smooth transition for all of our employees and our clients," said president and CEO of e-Services, Patrick Casserly. "All e-Services employees will continue to provide the best-in-class services our customers expect now that they are a part of ACS."

Prior to the acquisition, ACS was one of the largest information communications and technology services providers in Jamaica, operating from a recently expanded facility with more than 1,600 employees. ACS serves companies among the communications, education, financial services, health care, insurance and manufacturing industries from Jamaica, providing payroll processing, transaction processing, human resources, call centre support and finance & accounting services.

ACS has been in the customer care industry for more than 20 years. With this acquisition ACS will employ approximately 33,000 agents handling in excess of one million interactions every day from 122 customer care centres around the world supporting customers in 20 languages.

ACS, a global FORTUNE 500 company with approximately 70,000 people supporting client operations reaching more than 100 countries, provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company's Class A common stock trades on the New York Stock Exchange under the symbol "ACS".

Patrick Casserly started e-Services back in 2000 and in less than nine years it has become one of the largest technology call centres in this hemisphere employing over 4,000 people. The company has managed to win contracts from some of the largest Fortune 500 companies including Phillips and Delta Airlines.

As his portfolio of clients grew, Casserly sought to expand his company beyond Montego Bay acquiring 180,000 square feet of operating space in Portmore and New Kingston. With 110,000 square feet of contact centre premises in Montego Bay, he set up operations in St Lucia in 2006, adding a further 222,000 square feet of premises. Casserly won the Jamaica Observer's coveted Business Leader Award for 2003, and is its youngest awardee.

Source: Jamaica Observer

e-Services workers safe - New owner says no staff restructuring

wsmith — Thu, 19 Mar 2009 13:51:20 -0500

Patrick Casserly, CEO of e-Services Group.

The nearly 4,000 workers employed to the Montego Bay-based e-Services Limited are expected to retain their jobs, according to Affiliated Computer Services, Inc (ACS). The company is in discussions to purchase the local information technology operation from Patrick Casserly.

ACS is an American call-centre operator with business in Asia and the Caribbean.

A release from the company yesterday said on the completion of the acquisition of e-Services, no workforce restructuring would take place.

Expansion for int'l delivery

"e-Services would continue to be managed by its management team and operations would continue to be performed by e-Services' employees at their current facilities," ACS stated.

The company said its acquisition of e-Services would serve to expand its global delivery platform.

e-Services, with nearly 4,000 employees and a client list that includes some of the best-known names in corporate America, including Delta Airlines, is Jamaica's largest call-centre operator. In addition to Montego Bay, e-Services has operations in Portmore, St Catherine. Gleaner sources estimate the company has revenue of approximately US$80 million per year.

In Jamaica, ACS, a major global player in the field, is number two, with around 2,000 employees.

If it consummates the deal with e-Services, ACS would, effectively, become the island's call-centre giant, dwarfing the remaining handful of independent companies.

Valuable asset

"The addition of the business process outsourcing (BPO) and customer-care company - with approximately 4,000 employees in Jamaica and St Lucia - would provide ACS and its clients with a highly trained English-speaking workforce capable of handling complex business functions from a location and time zone convenient to North American businesses," the release continued.

Tom Blodgett, executive vice-president and group president of ACS Business Process Solutions, said the company was seeking seasoned management and experienced employees to allow ACS to expand its capabilities in order to provide clients with top-quality customer care.

"ACS is committed to being a leading customer-care provider to the global market," he said.

Originally Published Jamaica Gleaner