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BOI venture Jiffy Products S. L. signs investment agreement for expansion
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Colombo News Desk CND on 26 May, 2010 09:36:00
 
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 fiber 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 fiber 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 8 million. JPSL earn a revenue of USD 3 million annually. With
the new investments it is expected the revenue will increase to more than USD 5
million by the end of 2010.