Tastee Cheese is now fully Jamaican-owned. So what just happened?

I’m Kalilah from Money Media, giving you money news for the Caribbean.

GraceKennedy has officially taken full control of Dairy Industries Jamaica, the company behind the iconic Tastee Cheese.

That means, for the first time in decades, the brand is now 100 percent Jamaican-owned.

Because before this, it wasn’t.  Dairy Industries was actually a joint venture between GraceKennedy and New Zealand-based dairy giant, Fonterra. The two companies had been partners for years, formally operating under a 50-50 agreement since 1996.

But as of January, GraceKennedy bought out Fonterra’s stake, ending that partnership and taking full ownership of the business. 

And this is a pretty big deal because Dairy Industries is the only company in Jamaica, in the Caribbean really, that produces processed cheese in a can. 

And Tastee Cheese is a literal staple in Jamaican households, especially around now, Easter time!

The company also produces yoghurt, cheese spreads, and powdered milk for local and export markets. 

So why now? Well, it’s about control and growth.

According to GK, the business has consistently been profitable and has strong exports and room to expand even further. By owning 100 percent of it, they now have full control over strategy, expansion, and profits.

At the same time, Fonterra has been pulling back from some of its consumer businesses globally, choosing to focus more on ingredients instead. So the split actually makes sense for both sides.

And that’s the bottom line.