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Gracekennedy New Documents

Grace, Kennedy & Company Limited, founded on February 14, 1922, aims to be the leading Caribbean brand with Jamaican roots, focusing on Foods and Financial Services. The company was established after W.R. Grace & Company divested its Jamaican branch due to economic pressures, with key figures Dr. John Grace and Fred W. Kennedy at the helm. Over the years, the company has grown and adapted, maintaining strong returns for shareholders while enhancing the quality of life for its stakeholders.

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41 views3 pages

Gracekennedy New Documents

Grace, Kennedy & Company Limited, founded on February 14, 1922, aims to be the leading Caribbean brand with Jamaican roots, focusing on Foods and Financial Services. The company was established after W.R. Grace & Company divested its Jamaican branch due to economic pressures, with key figures Dr. John Grace and Fred W. Kennedy at the helm. Over the years, the company has grown and adapted, maintaining strong returns for shareholders while enhancing the quality of life for its stakeholders.

Uploaded by

ruqayyahamatullah05
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Vision:

To be the #1 Caribbean brand with Jamaican roots and a global

reach, by building on our core pillars of Foods and Financial Services

to provide strong returns to our shareholders and improve the quality

of life of our team members, customers and the communities we

serve.

Grace, Kennedy & Company Limited was established on February 14, 1922, by Dr. John J. Grace and Mr.

Fred William Kennedy. Prior to this, both individuals had worked for Grace Limited, a subsidiary of W.R.

Grace & Company in New York. The decision to form Grace, Kennedy & Company arose from economic

pressures and a recession in the United States, leading W.R. Grace & Company to divest its Jamaican

branch. Dr. John Grace decided to keep the Jamaican branch, and with Fred W. Kennedy's support, they

invited James Moss-Solomon to join as an Accountant.

On February 14, 1922, Grace, Kennedy & Company Limited was officially launched, inheriting the

successes of its predecessor. The company's Memorandum of Association granted broad authority for

various commercial and manufacturing activities. The initial capital was £25,000, divided into 250 shares

of £100 each, with the flexibility to increase over time.


The first Directors Meeting took place on February 15, 1922, appointing key roles and establishing

banking relationships. The inaugural Annual General Meeting occurred on March 5, 1923, where the

Governing Director, Dr. John Grace, reported that the past year's business had met expectations. The

company's first dividend was agreed upon and set to be paid on April 15, 1923.

Grace, Kennedy & Company Limited's foundation on February 14, 1922, marked its establishment in

Jamaica, following the divestment of its predecessor by W.R. Grace & Company in response to economic

challenges in the United States.

In 1933, Carlton Alexander, a young Jamaican and relative of the Moss-Solomon’s, joined Grace,

Kennedy & Company Limited as a billing clerk. Similar to Fred Kennedy and James Moss-Solomon, he

had left school early to support his family. Four years into his job, in 1937, Alexander found himself

having lunch with a customer. The meal included roast breadfruit, salt-fish, and pear. In a humorous

turn of events, Alexander convinced his lunch host to source counter flour from Grace, Kennedy. As a

result, one might jokingly say that Grace, Kennedy & Co., Ltd. sailed through World War II on a sea of

flour dumplings.

In March 1967, the Directors of Grace, Kennedy & Co., Ltd. and its subsidiaries were:

Grace, Kennedy & Co., Ltd.


o

o L.F. Kennedy, J.S. Moss-Solomon, S.C. Alexander, J. A. Kennedy, Simon

Soutar, G.E.Dodd, and J. R. Bovell

Jamaica Rums, Ltd


o

o L.F. Kennedy, J.S. Moss-Solomon and S.C. Alexander

Grace, Kennedy & Co. (Shipping) Ltd.


o

o L.F. Kennedy, J. A. Kennedy, L. P. Scott, Ronald Rickards and F.X. Kennedy

George & Branday Ltd.


o

o S.C. Alexander, Simon Soutar, L.G. Bourke, E.G. Muschett, and H.M. Aarons

Cecil de Cordova & Co., Ltd.


o

o S.C. Alexander, Aubrey Grant (who had previously been a Director of Cecil

de Cordova), Simon Soutar, H.M. Aarons, D.F. Figueroa, F.X. Kennedy, E. G.

Muschett and P.J. Ayling.

Sheffield & Co., Ltd.


o

o S.C. Alexander, D. A. Moss-Solomon, E.G. Muschett, Bruce Rickards, D.F.

Figueroa and H. M. Aarons

National Processors Ltd.

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