Major Eastern Caribbean companies plan merger
Port of Spain, Trinidad-based Neal & Massy Holdings Ltd. (N&M) said Wednesday it has reached a merger agreement with The Barbados Shipping and Trading Co. (BS&T).
'This will result in the creation of one of the largest and most diversified, indigenous corporations in the region,' said Bernard Dulal-Whiteway, Neal & Massy chief executive officer.
He noted the two companies have been business partners for almost 10 years. In 1998, they reached an agreement that each would take a 20 percent stake in the other company.
'Both have similar cultures and values and an in-depth understanding of each other's businesses,' Dulal-Whiteway said.
The combined companies are expected to have combined annual revenues of more than $1 billion when the merger is completed. The merge will allow them to achieve sustainable growth in the markets and industries in which the companies are involved, a statement said. That includes distribution and logistics, as well as retail, automotive, financial services, energy, industrial gases, information technology and tourism businesses.
It will also allow the companies to compete more effectively against large companies from outside the region, the companies said.