Jamaica-based AMG Packaging and Paper has announced plans to expand its production base and add new products including paper towels, toilet paper and napkins to its portfolio towards the end of this year.
The company has also purchased a property to be used as warehouse space. The property has an existing 2,600sqft building that is to be used as a warehouse, as well as another 1,400sqft building.
AMG chairman Mark Chin said the diversification into other paper products will happen after the current programme is wrapped up in September, jamaica-gleaner.com reported.
Supplying more than 200 clients with corrugated carton boxes, the company currently fills 40% of market demand.
At 40% market share, AMG registered revenue of J$309m ($4m) and reported after-tax profit of J$31m ($0.36m) at last year ending 31 August 2011.
In July last year, the company went public through an initial public offering (IPO) which raised J$57.8m (0.67m). AMG used the proceeds to finance the acquisition of new machinery and improvement of some equipment and additional storage space at 9 Retirement Crescent, Kingston, Jamaica.
