Friday 23 August, 2019

T&T firm to acquire Berger Paints

File photo of a Berger Paints sign

File photo of a Berger Paints sign

Berger Paints in Jamaica is set to be acquired by a Trinidad-based firm.

A statement on Friday indicated that ANSA McAL is to acquire Berger Paints' parent company, Lewis Berger Overseas Holdings, in an all-cash transaction.

While there was no disclosure of the sale price that is involved, the acquisition, which is subject to closing conditions and regulatory approvals, is projected to be closed during the July to September quarter.

Lewis Berger Overseas Holdings has entities in Barbados, Jamaica and Trinidad and Tobago.

The three businesses are reported to have net sales of US$35 million.

Indications are that with the pending acquisition of Berger Paints, the trade union representing workers at the plant is already jostling to get clarification about the status of the workers.

The Union of Clerical, Administrative and Supervisory Employees (UCASE), which represents some workers at Berger Paints, is reportedly seeking a meeting with the company's management about the likely or possible impact of the pending change of ownership on the workers' future.

 

Get the latest local and international news straight to your mobile phone for free: