Jul 2009 Financial News

ANSA McAL staying strong

Jul 07, 2009

WHILE some companies may be going the route of getting out of certain areas of business activity during this time of economic downturn, Trinidadian based conglomerate ANSA McAL Limited is not taking this approach.

CEO of ANSA McAL (Barbados) Limited, David Inglefield, told the media last week at an event held at one of the company’s subsidiaries, McEnearney Quality Incorporated (MQI), that the company was “not necessarily conducive to exiting businesses”, and remains focused on growth and development, which is part of their DNA.

In yesterday’s edition of the Business Monday, Inglefield was incorrectly quoted as saying that ANSA McAL was “not necessarily conducive to existing businesses”, which is contrary to the company’s actual view.

The CEO was responding to the question as to whether they are looking to remove themselves from participation in any areas of business, due to subpar performance caused by the downturn, or other factors.

He stated that this was absolutely not the case, and that they “prefer to look at the business and if it has problems, understand what the problems are, understand how we need to work with the leadership partner in the business, and find out what we need to do to it and make the business successful”.

Inglefield indicated that one of the areas in which the group is facing the greatest challenge is that of their automotive operations, which is represented in Barbados by MQI.

To meet this challenge the company has placed a lot of focus on the area of service, endeavouring to make that received at MQI the best on the island.

MQI also embarked upon a promotional campaign, where they were giving all current owners of brands carried by the dealer Bds $500 if they refer someone else to the garage, and the latter actually makes a purchase.

The CEO stated that they have “had a lot of people bring in friends and referrals etc, so it’s worked pretty well”.

In addition to maintaining their presence in all current areas of business, the group is also looking at expanding, which Inglefield stated is being made possible because of the strong balance sheets held by the various companies.

“Right now we are looking at a couple of opportunities. In Trinidad we have made recent acquisitions, and we’ve made one or two small ones in Barbados in 2008, and we are looking actively at a couple of opportunities right now in 2009”. (RH)

Source: Barbados Advocate
http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=4729
07-07-09