Conglomerate, Massy Holdings Ltd has announced the sale of its Caterpillar (CAT) line of business in Trinidad and Tobago for US$16 million and expects to record a loss on the sale of US$9.8 million.
In a notice to the Jamaica Stock Exchange, the company said Massy Machinery Limited, through which the CAT business operates, entered into an asset purchase agreement on September 29, 2026, with Machinery Corporation Motors Limited (MACORP), a locally registered subsidiary of Machinery Corporation of America, Inc.
The agreement covers the sale of certain assets and related business interests of the CAT line of business. Completion is subject to regulatory approvals.
Massy said MACORP’s regional scale, established CAT operations, and specialist capabilities make it a stronger strategic fit for the Trinidad CAT business, placing it within a larger, dedicated regional CAT platform. The company added that the transaction would allow it to redeploy capital towards the group’s longer-term strategic priorities.
According to the notice, a significant portion of the expected loss relates to employee severance. The notice was signed by corporate secretary Wendy Kerry on behalf of the board.
Earnings context
The sale comes as Massy reports lower earnings. For the nine months ended June 30, 2026, the group’s profit attributable to owners of the parent was TT$322.26 million, down 35.6 per cent from TT$500.5 million in the same period last year.
That figure included a TT$120.79 million loss from discontinued operations, mostly linked to the sale of Massy Distribution (Jamaica) Limited. Chairman Robert Riley explained that the TT$109.7 million loss on that sale mainly reflected TT$137.3 million in accumulated foreign-currency translation losses being reclassified to profit or loss. He described this as an accounting consequence rather than a current cash outflow.
business@gleanerjm.com
