Woodcats International Limited, a subsidiary of the Derrimon Group, is looking to venture into more finished products as it moves to extract greater value from wooden pallets manufactured by the company.

Chairman and CEO of the Derrimon Group Derrick Cotterell, speaking at an annual general meeting this week, outlined the move as part of a wider group strategy which seeks to not only diversify the company’s product offering but to also significantly grow its revenues within the next two years.

Cotterell, which had previously noted that there was no great profit that could come from pallet manufacturing as a single operation, said that the plans to move up the value chain in pallet value-added and other lumber products are now taking off with hopes to grow legs in the segment.

“We’re now in the stage of developing products, so we are looking at more value-added in the form of furniture and other finishes that can come from pallets as we believe that there are lots more we can do with the product. We are therefore now looking at all our options as we continue to push some larger plans for future growth and expansion across all our subsidiaries,” Cotterell told the Jamaica Observer.