INNSCOR subsidiary, Capri has launched a new refrigerator plant worth $12 million that will increase the company’s output and help it expand into the region.
BY VICTORIA MTOMBA
Speaking at the launch of the new factory yesterday, Industry and Commerce minister Michael Bimha commended Innscor Appliances Manufacturing for investing $12 million in the refrigerator plant notwithstanding the difficult environment in the country.
Bimha said the investment came at an opportune time when the government has introduced a number of measures to nurture and develop industries to withstand unfair competition regionally and globally.
“I am pleased that capacity utilisation in Capri stands at 100%.This investment in new technology is expected to increase production levels from 5 000 units to 18 000 units per month. Twenty to 30% of production is expected to be consumed by the domestic market whilst 70-80% is earmarked for the export market,” Bimha said.
Capri managing director Gary Watson said the company received the $12 million from Innscor, the parent company, and has secured equipment from China, India and other parts of the world.
“We expect our volumes to go up and will compete in the export market. We shall be developing exports into Zambia, Mozambique, Botswana, Namibia and DRC as our initial targets. We have increased the styles and types of refrigerators because some of the markets have high temperatures and the new styles will also help in terms of power cuts,” Watson said.
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He said the new styles were thicker compared to the old models that were thin and could not withstand high temperatures.
Watson said the process of acquiring the equipment began three years ago and the company will launch new products soon.
Capri started manufacturing refrigerators and freezers in the early 1960. It was founded by the Swartz family.
In 1998, Innscor reverse-listed on the Zimbabwe Stock Exchange through Capri that was listed on the bourse.
The manufacturing sector is facing working capital challenges and was operating below 40% in some sectors. The sector requires retooling.
