By Christiana Akinola (SIWES student, Polytechnic Iresi)
JSM that the company is undergoing restructuring and not leaving Nigeria.
Despite considerable investment in the syringe factory, JSM’s management team fell short of expected targets, prompting investors to revamp both management and production for improved profitability.
VKS Group’s Managing Director, Onur Kumral, clarified that the company’s restructuring is not a result of economic challenges but a strategic move.
JSM’s investors, while acknowledging the company’s market leadership in syringe production in Nigeria, are restructuring to overcome challenges and ensure sustained profitability.
Since its inauguration by Vice President Yemi Osinbajo in 2017, JSM has emerged as the syringe market leader in Nigeria, providing employment opportunities for hundreds of Akwa Ibom residents.
The investors view this restructuring as a means to enhance productivity, emphasizing its impact on management and production structures only. They reaffirm their commitment to restoring full operations.
As a multimillion-dollar factory, JSM recognizes the necessity of periodic assessments to guarantee profitability and facilitate growth in operations and management.
