Massy eyes US$9.8M accounting loss from Caterpillar sale

Massy Hold­ings said yes­ter­day that it ex­pects to record an ac­count­ing loss of ap­prox­i­mate­ly US$9.8 mil­lion ($66.54 mil­lion) on the sale of its Cater­pil­lar-re­lat­ed line of busi­ness and re­lat­ed as­sets in T&T to Ma­chin­ery Cor­po­ra­tion Mo­tors (MA­CORP). The loss would al­so in­clude the re­or­gan­i­sa­tion of Massy re­main­ing ma­chin­ery busi­ness, com­pris­ing Shell lu­bri­cants and trucks, the group said.

In a news re­lease yes­ter­day, Massy said em­ploy­ee sev­er­ance is set to ac­count for more than half of that pro­ject­ed loss.

Asked how many em­ploy­ees the group en­vis­ages will be sev­ered, giv­en that half of the es­ti­mat­ed ac­count­ing loss would be US$4.9 mil­lion or $33.27 mil­lion, Massy said, “The num­bers are still be­ing fi­nalised and at least 25 per cent of the fi­nal num­ber are be­ing re­tained with­in the Group.