Massy Holdings Faces $9.8M Accounting Loss from Caterpillar Sale

Massy Holdings, a Trinidadian conglomerate, is bracing for an estimated US$9.8 million accounting loss from the sale of its Caterpillar-related business and related assets to Machinery Corporation Motors (MACORP).

The company expects to record this loss as part of the reorganization of Massy's remaining machinery business, which includes Shell lubricants and trucks.

Employee severance costs are expected to account for more than half of the projected US$9.8 million loss, with around 25% of the affected employees being retained within the group.

Massy said it will work closely with MAcorp to ensure a fair and transparent process for the affected employees, who will have the opportunity to be considered for suitable positions in the new company.

The sale is expected to generate gross cash proceeds of approximately US$16 million, which remains subject to completion adjustments and finalization of the assets and liabilities transferred.