CEO of the National Baking Company, Gary Hendrickson, says the company has no immediate plans to list on the Jamaica Stock Exchange.

Speaking on Taking Stock, Hendrickson noted that the National Bakery was part of a publicly traded company, National Continental Corporation before his family repurchased the shares and took the company private.

The CEO said the idea is not off the table entirely, however, there are still several milestones the company needs to accomplish before they consider an initial public offer.

“I need to have the new plant in Montego Bay. The Half-way Tree plant is bursting at the seams, she’s an old lady we have to give her a chance… so there are some things that we need to do first,” he said. 

National Bakery has been a staple in Jamaica’s economy for over 70 years. The company is the island’s largest manufacturer of bread and other baked products such as buns, tea biscuits and crackers. 

The company recently announced a $7 billion expansion plan to increase its reach and efficiency across the island. 

According to Hendrickson, the company plans to spend about $6.5 billion or US$42 on a new plant in Montego Bay, St James, and two new distribution centres in St Ann and Manchester.

He said the Montego Bay plant will be a more high-tech facility. 

“The Montego Bay plant will not be able to run and managed by people who are not very very technically savvy. It’s going to be a lot less about the art of baking but rather the science and so you’re gonna have to have some serious engineering background to operate the machinery,” he said. 

The veteran businessman said the company is also investing heavily in upgrading the Half-way Tree location, which is its main production and distribution plant.

“She’s served us well for over 70 years more so we have to give her a chance,” Hendrickson said. 

The CEO said these expansion plans are the main priority for the company, and any decisions on listing shares on the stock exchange will come later.

“So, yes it (an IPO) could be considered but I need to see certain things happen first and maybe that will not be my decision. The next generation might decide, yes,” he said.

Hendrickson said he is training his successor and believes the right person will take over when he retires.

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