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Established in 1960, the Margarine, Fats and Oil Company Ltd started
with the production of “Gelebek” margarine in 1963. In the years
following, she expanded her product line by adding Golden Brand
margarine, Marigold Butter, Baker’s Choice industrial margarines,
Bake `n Fry Shortening and Golden Brand Slim Low Fat margarine.
During the late seventies, modernization was inevitable and the most
necessary machineries were replaced. Like most local manufacturers,
the company experienced serious difficulties during the eighties and
early nineties due to a shortage of foreign exchange and price
controls imposed by the government. The supply of raw materials was
frequently interrupted which resulted in numerous days without
production. The necessary investments for the replacement of
machinery were postponed, since any prospect for improvement of the
Suriname economy was lacking at the time.
In 1996, all damages done throughout the years became apparent when
Suriname became a member of the Caricom. Outdated production
technology and procedures led to inconsistent quality and inferior
packaging compared to Caricom products. Marketing was at that time
non-existent and sales dropped from 1,007 tons in 1994 to 663 tons
in 2000. A rights issue of shares was held in 2001 to finance
investments in modern machinery, laboratory equipment, and a new
cold storage. The modernization was completed in 2004.
The first export to Curacao was shipped in 2003 and that same year
the company became HACCP (Hazard Analysis Critical Control Points)
certified. In addition to Curacao, exports started to Trinidad in
2004, in the same year sales reached 1.194 tons of which 166 tons
were exported.
The Margarine, Fats and Oil Company is located on the outskirts of
the capital city, Paramaribo.
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