Wisynco Group Limited (WISYNCO) has advised that the Company has taken note of the Government of Jamaica’s recently announced ban on plastic bags, plastic straws and Styrofoam, pending final legislative provisions.
The areas of impact for WISYNCO include plastic straws and Styrofoam, which the company manufactures.
Regarding plastic straws, it is proposed that this ban take effect on January 1, 2019. Plastic straws represent less than 1/10th of 1% of the Company’s revenue and the ban will therefore have no impact.
Regarding the ban on Styrofoam for local manufacturers, though there is still some uncertainty, it is currently proposed that this ban take effect on January 1, 2020. Styrofoam represents 4% of the Company’s revenue and approximately 3% of the Company’s net income.
