Oct 2014 Financial News

Massy Group acquires Colombia energy company

Oct 13, 2014

The Massy Group has increased its footprint in Colombia through the acquisition of Massy Energy Colombia. The group’s chairman Robert Bermudez made the announcement on Thursday during his contribution to the VIII Americas Competitive Forum where he spoke on the topic Collaboration as a strategy for the Massy Group—What does it mean?” 

Bermudez said now that companies within the group are identified by one brand, there can be more collaboration between them so that customers can be better served. 

Outlining future plans for the group, he said: “We are now growing our horizons to include Central and South America. We have made three investments in the recent past, the most recent was announced today (Thursday), where we acquired Wood Group PSN Colombia and we welcome 1200 new collaborators to the Massy family under the banner Massy Energy Colombia. This will allow us to leverage our energy ecosystem into Colombia.”

In newspaper advertisements published this week, Massy Group said the newly acquired company provides production, maintenance and engineering services to clients in the oil and gas and mining sectors in Colombia. It added: “Wood Group is the largest energy services company worldwide, employing about 40,000 employees across the globe and operating in more than 50 countries. Wood Group is Massy’s 50 per cent joint venture partner in Massy Wood Group which operates in T&T.”

Speaking at the competitiveness and innovation luncheon on day two of the ACF at the Port-of-Spain waterfront, Bermudez said the Massy Group has also made a “minority” investment in a Costa Rica technology company which has operations in Colombia throughout Central America.

He added: “We have acquired a car dealership in Bogota and Cali, where we have a joint venture partner in the De Lima Group. We see our future to the west of us, and we are cautiously investing in order to gain experience and to develop relationships with people in Latin America.” Bermudez called for collaboration between the private and public sectors “to deliver services to the country that are desperately needed.” 

“We have very good macro-economics, the Government spends a huge amount of money on education, on health, on social services, yet we have a group of people in this society who are falling out, falling through the cracks and it’s leading to a very high unexplained level of crime in a country that is prosperous.” He called on Government to facilitate co-operation with victims and perpetrators so that the crime problem of crime could be understood.

Source:
Nadaleen Singh
Trinidad Guardian
Saturday October 11, 2014

http://www.guardian.co.tt/business/2014-10-11/massy-group-acquires-colombia-energy-company