JB Foods to expand presence in Ivory Coast with initial investment of 60 million euros

JB FOODS is building on its presence in the Ivory Coast, with the official ground-breaking ceremony of its newest cocoa processing factory in Abidjan on Thursday (Jun 23). 

The new factory, located in the industrial zone PK24, is slated to be ready by Q4 2024, the company said in a press statement. 

JB Foods’ expansion plans in Ivory Coast will see an initial investment of about 60 million euros (S$87.7 million) as well as the creation of employment opportunities.

When completed, the factory is also expected to “incrementally expand” JB Cocoa’s annual bean processing capabilities and facilitate efficient end-to-end logistical management, the company said.

Tey How Keong, chief executive of JB Foods, said Ivory Coast is strategically positioned with the availability of raw materials. The country also boasts of a robust and experienced workforce and a developed infrastructure that facilitates efficient supply chain management, he noted. 

The company’s decision to deepen its investment in Ivory Coast and establish cocoa processing capabilities close to the cocoa source there is part of its direction to “build capacity and momentum for sustainable growth”, Tey added. 

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“Our new plant in Abidjan will complement our existing factories in Asia,” he said.

“We believe that this strategic move will enhance our sustainability efforts through direct cocoa sourcing at crop origins, thus enabling greater traceability, and directly impacting the quality and value of our products and service.”

JB Foods’ expansion to the Ivory Coast started with the incorporation of JB Cocoa back in 2019. 

JB Foods said its present plans to develop cocoa bean processing capabilities at source are consistent with its adaptive strategy to grow in tandem with market trends and strengthen its market position as a major cocoa ingredient processor. 

Over the past 2 years, JB Cocoa has also been scaling up its worldwide sustainability initiatives and started activities in Ivory Coast. The company is reportedly supporting about 7,000 farmers currently. 

The new cocoa bean processing facility in Abidjan will adopt the latest technology to produce premium cocoa ingredient products — namely, cocoa mass, butter and powder, including customised solutions capabilities. 

The new facility will use renewable energy and employ responsible waste management processes, in line with JB Foods’ sustainability framework and environmental, social and governance roadmap, the company said. 

Shares of JB Foods closed on Thursday at S$0.485, down 4.9 per cent or S$0.025.