Chief Financial Officer of Massy Holdings, James McLetchie, says the acquisition of Industrial Gases Limited Jamaica is paying off handsomely for the company.

Massy, a Trinidad-based regional manufacturing and distribution giant, acquired IGL last year for approximately US$150 million. IGL is one of the largest distributors of cooking gas in Jamaica. The company also manufactures and distributes industrial and medical gases.

For the company’s financial year, which ended on September 30, 2023, Massy recorded revenues of US$2.1 billion, up 15% from the previous year.

Speaking on Taking Stock with Kalilah Reynolds, McLetchie noted that the company’s Gas Products business segment grew by 11%, contributing US$1.8 billion to the overall revenue.

The company made US$187 million in profits.

McLetchie said that the company was extremely pleased with the acquisition.

“[IGL] was our largest acquisition, to date, and $150 million is a huge commitment to Jamaica. 

We were very excited to do that last year,” he said.

The acquisition also marked Massy’s further expansion into the country through its other lines of business. The company, known for its retail presence in the Eastern Caribbean, operates in eight countries across the Caribbean, Latin America and the US.

Their business lines include retail and distribution, gas production, and motors and machines. 

McLetchie said that a lot of Massy’s work in Jamaica is through its distribution arm, therefore, the company’s brand is not as widely known across the island. He said that the IGL is the company’s way of reaffirming its commitment to planting more roots in Jamaica and becoming more visible.

More roots

The CFO also noted that the company is looking to expand further into Latin America and the United States.

Massy acquired a Floridian supermarket chain last year consisting of seven supermarkets in North and South Florida. McLethie also revealed that the company is in the beginning stages of seeking opportunities in Latin America.