Disclaimer: We are not folding up but restructuring, Jubilee Syringe Manufacturing Company Says

JSM, Jubilee Syringe Manufacturing Company has clarified that it is not closing up finally as it has been seen in the news, instead, it is restructuring. 

Jubilee, the largest syringe manufacturing company in Nigeria made it to the news earlier this week on account of closing up business. 

The company, located in Akwa Ibom, has issued a disclaimer regarding the circulated news, affirming that it's untrue. JSM stressed that in the letter sent to its employees, it clarified that their services are temporarily suspended until further notice, without any mention of the company shutting down.

The management team of the company has reportedly faced challenges in meeting the expected goals for the syringe factory despite substantial investment. As a result, the investors have decided to restructure both the management team and the production lines to improve profitability and ensure sustainability. 

According to a statement from JSM investors, as conveyed by Mr. Onur Kumral, the Managing Director of VKS Group of Companies, contrary to news reports, JSM is not ceasing its operations entirely in the country. The Managing Director clarified that the company is undergoing a restructuring phase, indicating a temporary pause in operations during this period, as opposed to the earlier reports suggesting a complete cessation.

"JSM is simply undertaking temporary measures to ensure the long-term sustainability of its operations. Restructuring is not new in any given business environment and sometimes you undertake reviews with sustainability in mind," Kumrai started. 

Furthermore, the managing director mentioned that the reorganization of JSM was the investors' decision due to the management's prolonged failure to achieve expected targets over several years. Emphasizing that this restructuring primarily impacts the management team and the entire production line structures, aimed at enhancing the company's productivity. He reassured that the company would swiftly resume full operations soon. 

"When you set up a multimillion-dollar factory such as JSM, it is important to take a critical review of its operations and that of the management staff. JSM is a for-profit business and when expected targets are not met year after year, a shake-up is inevitable, which is what we have decided to do.

We want to assure our esteemed customers that there is no need to panic. We are still in business as Jubilee Syringe Manufacturing Limited and we are poised to keep to our commitment to remain as the producer of the highest quality syringes in Nigeria,'' Kumrai explained. 

He then urged the general public and valued customers to ignore implications in specific media sources claiming a complete closure of JSM operations in Nigeria. Affirming the company's continuous presence in business, he assured that JSM will return with increased strength and resilience.

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