Finlay Sells Its Tea Company
Finlay, a global firm for production of tea products has reached an agreement of selling its Kenyan, James Finlay Kenya (JFK) estates to Sri Lanka’s conglomerate Brown Investments PLC.
In a statement released on Thursday, 4th, Browns Investment, one of the largest tea producing company in Sri Lanka, has got 49 individual estates, 50 hectares of land and over 10,000 employees.
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The decision to sell JFK company comes out after the 2022 changes at the firm where it refreshed its global strategy to place a greater emphasis on growing its tea and coffee extracts businesses.
As a way of strengthening cohesion between the community and new ownership, Browns Investment has said it’ll sell 15% of the shares from Finlay to locally -owned co-operative societies.
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In 2021, Browns Investment acquired Finlay’s Sri Lankan 10 estates business, which Finlay in a statement say the business cohesion between them demonstrates a successful commitment of Browns in sustainable tea and global market growth.
“We undertook a rigorous process when identifying a buyer for this unique business, prioritising what was best for James Finlay Kenya and its community.
“Having seen first-hand Browns’ unwavering focus on supporting local people and their communities to thrive when acquiring Finlays Sri Lankan tea estates business in 2021, we have no doubt that Browns is the ideal strategic investor for James Finlays Kenya.
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“We will continue to have a very close relationship with James Finlay Kenya and look forward to continuing to source tea from it and championing Kenyan tea and botanicals across the world”James Woodrow, Group Managing Director of Finlays said in a statement.
Concerning the worry of the company’s changes amongst employees on whether the sell has come out after the 28th Feb 2023’s BBC’s Documentary; sex for work, Finlay has said employees would not be affected keeping in mind the suspects captured in BBC Documentary are still under probe.
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Further, Finlay has said everything will be intact as it will be working close with the new owner towards economic development.
Browns in response to accepting the business deal, it’s managing director has welcome all staffs and non-staff who have been under Finlay to maintain a close tire and work towards the success of the company.
“We’re proud to be moving a business with such a proud heritage into a new phase of sustainable growth. James Finlay Kenya is an incredible business powered by an incredible community and it has an exciting future.
“We warmly welcome all members of the James Finlay Kenya team into the Browns family” Kamantha Amarasekera, Director of Browns Investments PLC said in a statement.
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Finlays has a long history in Kenya’s economy and will continuing investing in the country through its continued ownership of the Saosa tea extracts facility, and its tea sourcing and packing operations in Mombasa.
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