|LASCO Distributors Managing Director, Peter Chin|
The arrangement has prompted structural changes and new investments in both human and infrastructural resources. LASD has assigned two Export Directors with extensive experience in growing and developing export markets to lead the export thrust.
In addition to distributing products locally for LASM, the company will now distribute established brands such as LASCO Food Drink, LASCO LaSoy, LASCO Porridge Mix and iCool beverage products to existing export distributors across territories such as the Caribbean and North America.
Consequently, LASCO Manufacturing will give greater focus to innovation and production of affordable, delicious and nutritious products. Its most recent innovation, Ice Dream, follows the hugely successful iCool, while the flagship product Food Drink continues to lead in the fortified beverage market.
"Consolidating all LASCO sales, both domestic and export under one roof, will realize benefits from both operational and marketing efficiency," stated LASD's Managing Director Peter Chin.
LASD is just about nearing the completion of an additional 100,000 square feet expansion of storage space at its current warehouse complex at cost of nearly $1.2 billion.
The additional space will accommodate the increased inventory, which has been brought on by iCool and the company's distribution arrangement for other leading local and international brand houses including Salada and Unilever. The Unilever brand portfolio consists of Lipton, Red Rose, Knorr Side Dishes, Hellman's, Blue Band, Flora, I Can't Believe it's Not Butter, Country Crock and Breyers, as well as the Suave, Tresemme and St. Ives personal care products.
In its third quarter results as at December 31, 2015, LASCO Distributors reported year to date profit after tax of $592.0 million, which was 50% or $197.1 million more than the same period prior year.
Revenue increased by 36 per cent, up from $2.9 billion in the previous year to $4.0 billion YTD for the period ending December 31, 2015.
"LASCO Distributors export strategy seeks to boost sales in existing markets through increased market penetration with a diversified product range. The company is expected to re-launch the LASCO brand in the UK market and significantly expand distribution in the US market. Part of the plan is also gain market entry into Central American markets such as Guatemala, Honduras, Costa Rica and Panama, as well as Cuba" reported LASD's Managing Director Peter Chin.