Celebrating its 100th anniversary today, the Massy Group has announced plans for global expansion.
In a statement, Chief Executive Officer (CEO) of the Trinidad and Tobago-headquartered conglomerate, Gervase Warner said consistent with its new vision the group is aiming for global expansion with a focus on its three main portfolios.
Massy which has had a presence in Guyana for more than 50 years said the group is well positioned to pursue global expansion.
The statement noted that in December 2022, Massy announced three major acquisitions in pursuit of its global ambitions with continued focus on its three main investment portfolios: Integrated Retail, Gas Products and Motors and Machines.
Massy first announced its US$47 million acquisition of Rowe’s IGA supermarkets in Jacksonville Florida. Massy later unveiled the US$57 million proposed acquisition of Air Liquide’s industrial gas operation in Trinidad enabling backward integration into the lowest cost supply of oxygen, nitrogen and argon gases in the region. Massy also unwrapped the US$140 million acquisition of the IGL LPG and industrial gases business in Jamaica, which is pending the Jamaica’s Fair Trading Commission’s approval.
“Consistent with its new vision, the Group and its Portfolios are now setting their sights on global expansion. Having narrowed the Group’s focus to its three (3) main Portfolios in which the Group has distinctive operating capabilities and significant scale and having divested the equivalent of US$271 million of non-core and under-performing assets, the Group is well positioned to pursue global expansion”, Warner said.
Referring to Guyana, the statement said: “We have operated in Guyana, for over 50 years, growing from strength to strength and serving the nation with national pride and devotion. Our homegrown team of Guyanese nationals have continued to contribute their expertise and experience, and we are committed to investing in their continued professional development.”
As the year continues, the statement said that Massy will be announcing a number of initiatives it intends to roll out over the next three years, Warner stated.
“We recognize that as a company, we are uniquely placed to truly create transformational change in the lives of everyday Caribbean people. Far from being an obligation, we see this as an earned privilege and a momentous opportunity, and we are excited to further be a part of the Caribbean’s growth”, he said.
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