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New York, USA
Bulawayo based tannery, Wet Blue Industries, which was placed under judicial management in September, has resumed operations and the company is aiming at processing 1,200 hides per day.
Wet Blue judicial manager Chrispen Mwete of C Mwete and Company told Zimbabwe’s Southern Eye Business they had only processed a few hides so far, but were happy with progress at the tannery.
“The firm has resumed operations though at a small scale and we have processed a few hides,” he said. “Five machines are now working and we are targeting processing 1,200 hides per day.”
Mwete said they injected fresh capital of about $8,000 and for the firm to operate at 100% capacity they needed about $200,000. He said Wet Blue was easy to turn around because the technology had not changed much in the sector.
Wet Blue is one of the companies in Bulawayo that were placed under judicial management this year due to the deteriorating economic situation in the country.
The High Court placed 10 firms in key industries under judicial management and about three under provisional liquidation.
Economic analysts have said the situation was exacerbated by a serious liquidity crunch afflicting the economy, high cost of utilities as well as aggressive taxation by a dollar-hungry government.