ANSA Group to Invest More Than $150M in Jamaica Operations

• The Trinidad and Tobago-based ANSA McAL Group of Companies will be investing more than $150 million in its operations in Jamaica this year as part of the management’s strategic thrust to improve the entity’s efficiency and profitability.
• Chief Executive Officer (CEO), Anthony N. Sabga III, made the disclosure while addressing a special reception hosted by the entity for Jamaican business stakeholders on Thursday (July 6) at The Jamaica Pegasus Hotel in New Kingston.
• Sagba noted that the company will invest more than $150 million in retooling Jamaican operations to drive further efficiencies and capacity expansion. He further noted that Jamaica is part of the company’s journey of achieving its ambitious target, which is to double its size and profitability by 2027, to achieve US$300 million profit annually.
• ANSA McAL Limited, which comprises 48 companies, is one of Trinidad’s largest conglomerates. Its activities encompass the automotive, beverage, construction, distribution, financial services, manufacturing, real estate, retail, media, and service sectors. The Group, which has been operating for 140 years, has business interests in eight territories in the Caribbean, Europe, and North America. In 2017, the entity completed its acquisition of Lewis Berger Overseas Holdings, a major shareholder of all three Berger paint companies in Trinidad and Tobago, Barbados, and Jamaica.
• Minister of Industry, Investment and Commerce, who was happy to hear the announcement, noted that the planned investment has significant potential for the local manufacturing sector.
• One of the major benefits of this development will be gainful employment for more individuals which by extension, will be beneficial to the country’s employment and output figures.

(Source: JIS)