A planned merger between Neal & Massy Holdings Limited (N&M) and The Barbados Shipping & Trading Company (BS&T) was announced yesterday by CEO Bernard Dulal-Whiteway at Neal & Massy head office.
$quot;This will result in the creation of one of the largest and most diversified, indigenous corporations in the region,$quot; he stated, adding that the decision was made recently by the boards of both corporations and is subject to regulatory approval as well as approval from both company's shareholders.
Neal and Massey are involved in a number of industrial gas ventures including Industrial Gases Ltd. (IGL, Caribbean Industrial Gases Ltd. (CIG, Neal & Massy Gas Products Limited (Holding 57.3%), Demerara Oxygen Company Ltd.(DOCOL) (holding 94.4%), Jamaica Oxygen and Acetylene Ltd. (Holding 72.4%), Trintogas Ltd. and Trintogas Carbonics Ltd.
After the merger, Dulal-Whiteway said the combined group is expected to have annual revenues of over US $1 billion, and will be capable of two major undertakings. One is achieving sustainable growth in the markets and industries in which the companies operate.
The other being defending and competing against larger extra-regional companies within the open marketplace.