03 November 1998
Jamaica renationalises sugar mills
THE Jamaican Government has retaken control of the islands three largest sugar mills.
The Government claims that the mills have depended too heavily on state support and failed to reach productivity targets set when they were privatised four years ago.
A 51% stake in the mills, which produces 70% of the islands sugar, was sold to the Sugar Company, a consortium of two local companies and Booker Tate of the UK.
The islands sugar industry was troubled by a prolonged drought last year that led to a decline in this years harvest.
- Financial Times 03/11/98 page 32