Salada Foods Jamaica Limited (SALF) has released the following advisory:
“Cognizant of the challenges facing the local coffee industry and particularly the plight of local farmers in securing a market for their coffee cherries, Salada has decided to purchase 25,000 boxes of cherries from coffee farmers and process same to green beans. The cost of this initiative is approximately $200 million, with $100 million to be paid directly to farmers and the balance used to process coffee cherries to green beans coffee, which is raw material used by Salada to manufacture its instant coffee products.
“The product is anticipated to fully commence in the month of December 2018 and if proves meaningful for local farmers and Salada, it will form a part of Salada’s business model for continued local manufacturing of its instant coffee products.
“The Board and Management of Salada are pleased to be part of the solution to the worries facing the local coffee farmers and wish to assure shareholders and stakeholders that it will do its very best to ensure the investment proves worthwhile.”