Massy approaching 100

THREE recent acquisitions by subsidiaries of Massy Holdings Ltd have underlined its status as a major employer and stimulant to the regional economy, a reminder of the impact and potential reach of conglomerates originating in the local marketplace.

The company this month announced the US$47 million acquisition of Rowe’s IGA Supermarkets, a Florida supermarket chain.

It also announced the US$140.3 million acquisition of I.G.L. (St Lucia) IBC Ltd, owners of a gas distribution company that has operated in Jamaica for six decades.

Notice was also given of the purchase of Air Liquide Trinidad and Tobago Ltd for US$58 million.

Each of these moves is aligned with one of the firm's three main streams of operations and each raises the prospect of the group’s assets increasing by one per cent, seven per cent and 11 per cent respectively.

All of this, on the eve of the company observing its 100th anniversary.

This year, Massy also divested Massy Properties for a reported gain on sale of $34.9 million.

All of this paints a picture of a conglomerate that has enjoyed a good year, identified key opportunities aligned with its portfolio objectives and has forged ahead determined to boost its profile in more and more markets.

The group’s share split, as well as its listing on the Jamaican stock exchange, suggests its desire to widen the profile of its investors and fuel expansion into uncharted territories.

That all of this has been managed in the delicate post-pandemic period and amid ongoing global shocks caused by Russian aggression against Ukraine, as well as disruptions to supply chains all over the world speaks to its robust management.

But it also gives insight into its overall ambition and its appetite for risk.

Expanding into new markets, widening areas of operations, taking up more assets and opportunities – officials may intend all of this as part of an exercise in shoring up and strengthening the firm’s position.

It is also, arguably, part of the process of remaining competitive within a rapidly changing international environment.

Major shifts in that environment may be afoot given imperatives for clean energy and for more sustainable economic models.

In TT, where diversification is an imperative, it's important to see more instances of companies not putting all their eggs in one basket.

It’s also important to see an enabling environment for economic activity, something that requires an efficient public service, efficient systems of governance and a strong sense that regulation and watchdog bodies are also working to combat corruption.

Massy has operated since 1923 and has businesses throughout the Caribbean, as well as in Colombia and Florida. It employs over 12,000 people in nearly 60 companies across the region. It took in $12.4 billion in revenue in its last financial reporting period, up by 11 per cent.

The company is to be congratulated for crossing milestone after milestone, in the process becoming a key mover on our economic landscape and pointing the way forward as the country hopes to broaden its horizon.