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$600M
Lasco factory for England
Jamaica
Observer
Released Dec. 03, 2003
Entrepreneur Lascelles Chin is to establish an agri-processing
factory in England that will allow him to take his Lasco brand
of foods and drinks to the many West Indians and their descendants
now living in that country.
The
Lasco operation will represent an investment of between £6
million (J$600 million) and £7 million, with the company
benefiting from low-interest loans which form part of an incentive
package being offered by the UK government for investments
in minority communities.
Chin
used the 15th anniversary awards of his Lasco Group on Saturday
night to announce plans for the 50,000 square-foot factory
to be located in Plymouth, England.
However
weeks ago, Chin told the Business Observer that he would opt
to build the factory in the UK because of the restrictions
placed by that country on the importing of certain soy-based
products into its market.
Chin
said that up to 90 per cent of the funding for the factory
was being provided by British financial institutions at 4.5
per cent interest rate, while the British government was extending
a grant to support the project.
Over
the past few years, Lasco has emerged one of the largest producers
and distributors of soy-based products in the Caribbean and
the Americas.
In
2001, Chin was named Business Observer Business Leader for
entrepreneurial vision in building the Lasco Group from a
small distributor into a $4-billion per year company.
At
the 15th anniversary awards held at the Hilton Kingston Hotel,
Chin honoured some 106 employees for their service to the
company.
Source
- Jamaica Observer & lascojamaica.com
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