ANSA Group to Invest More Than $150M In Jamaica Operations
By: , July 7, 2023
Photo: Michael Sloley
Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill (left), with Chief Executive Officer, ANSA McAL Group of Companies, Anthony N. Sabga III, during a reception hosted by the company for local business stakeholders on Thursday (July 6) at The Jamaica Pegasus hotel in New Kingston.The Full Story
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.
The announcement was welcomed by Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, who attended.
“This year alone we will invest over $150 million in retooling the Jamaican operations to drive further efficiencies and capacity expansion,” Mr. Sabga said.
“I have set a very ambitious target for our Group, which is to double our size and profitability by 2027 with the aim to achieve an annual profitability of US$300 million. Jamaica is very much part of that journey,” he added.
It was Mr. Sabga’s first visit to Jamaica since becoming Group CEO in January 2020.
Senator Hill, who delivered remarks during the reception, indicated that “what your Group brings to Jamaica is simply amazing”.
“This is the kind of company we want to have in Jamaica to make sure they upskill Jamaicans, broaden their vistas, [and] make sure they have good jobs,” he said.
Minister Hill further noted that the planned investment has significant potential for the local manufacturing sector.
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.