The Board of Investment o
f Sri Lanka granted investment approval to Jiffy Products S. L. (JPSL) to expand operations under the BOI. Chairman/Director General Jayampathi Bandaranayake signed the agreement on behalf of the BOI and presented the BOI approval to the investors. The company will be investing over US $ 2.5 million for the expansion process.Jiffy Products S.L. Limited is the Sri Lankan subsidiary of Jiffy International AS Kristiansand, Norway. Jiffy International is a US $ 250 million transnational company engaged in manufacturing, sales and distribution of plant propagation substrates, substrate systems and related horticultural products throughout the globe.
The company operates manufacturing sites in Norway, Netherlands, Denmark, Germany, Estonia, Sweden, Spain, USA, Canada, Japan and Sri Lanka. Jiffy International operates sales offices in Netherlands, Norway, Denmark, Italy, France, Germany, Spain and importers to cover Europe, US and Asia.
The motivation behind Jiffy Group’s venturing in to Sri Lanka is the availability of Coir fibre pith which is gaining popularity all over the world as a versatile plant propagation and growth medium.
Also Sri Lanka’s geographical location plays a key role in serving the fast growing Asian economies like China and India and the established horticultural markets like Japan, Australia and South Korea.
JPSL started its operation in Mirigama Export Processing Zone and has its head office located in the zone.
In 2006 JPSL started its own coir fibre pith processing plant at Pannala in the Kurunegala district. With the increased substrate capacity, JPSL ventured into other Coir substrate product lines such as Jiffy Grow Blocks, Jiffy Coco Discs and Jiffy Grow Bags.
In 2008 the company ventured in to producing its own plastic propagation trays as it represents a major portion of the cost of Jiffy Pellet Pack systems. A 75-Acre land has been acquired in the Kobeigane area in the Kurunegala District with the expectation of expanding the coir substrate capacity.
Currently JPSL provides employment for 250 and the total investment in JPSL amounts to USD eight million. JPSL earn a revenue of USD three million annually. With the new investments it is expected the revenue will increase to more than USD 5 million by the end of 2010.
Image: BOI, Chairman/Director General Jayampathi Bandaranayake with Jiffy Director Operations Frank Skapness and General Manager Sandeeptha Gamlath.
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