PORT OF SPAIN, Trinidad, Friday June 22, 2017 – Berger Paints companies in Barbados, Jamaica and Trinidad will be in new hands by the third quarter of this year.
Trinidad and Tobago conglomerate ANSA McAl Limited has signed an agreement to fully acquire Lewis Berger Limited (LBOH), which wholly owns Berger Paint Barbados Limited, and has 51 per cent of Berger Paints Jamaica Limited and 70 per cent of Berger Paints Trinidad Limited.
ANSA McAl will pay cash for the company through its subsidiary ANSA Coatings International. But company officials have not disclosed the cost of the transaction.
According to a release from the company, the combined Berger Caribbean business has estimated net sales of US$35 million.
Berger Paints Jamaica Ltd remains the largest paint-manufacturing entity in the English-speaking Caribbean, with 95 per cent of the company’s products manufactured locally. For the financial year ending March 2017, it produced net profit of $315 million and had total assets of $1.4 billion.
Group chairman and chief executive of the Ansa McAl Group of Companies, Norman Sabga, said the acquisition of LBOH will further enhance the Group’s position in the Caribbean architectural coatings market.
“Berger is best known for its well-positioned paint brands throughout the region. The architectural coatings industry has enjoyed a period of healthy innovation over the last decade. Through this acquisition, we hope to address an expanded customer base with a broader suite of product offerings and superior levels of customer service and support.”
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