Farfan and Mendes and Canadian company Crosbie yesterday formally announced their partnership.
An advertisement in the Stabroek News said that effective January 1 this year, the companies completed an investment in a new company, Farfan and Mendes Limited, a Crosbie Member Company.
Under the terms of the agreement, the Newfoundland and Labrador-based Crosbie will be a 49% shareholder and Farfan and Mendes will be a 51% shareholder in the new company.
All businesses previously functioning as Farfan and Mendes Limited and Mines Services Limited will be transferred into the new company.
The ad noted that Crosbie and Farfan & Mendes first started working together when they established a joint venture company, Panthera Solutions Limited in 2017. This joint venture, an offshore industrial services provider was set up in response to the expanding offshore oil and gas industry here.
The two companies then began exploring further partnerships in 2019.
“This announcement today is another step forward in Crosbie’s diversification strategy to move the company into new markets, in businesses we understand, with partners who share our values”, said Mark Collett, Chief Operating Officer of Crosbie.
Managing Director of Farfan and Mendes, Andrew Mendes said: “We strongly believe that this partnership will position us to provide our customers with an even more competitive service and product offering”.
The partnership had been hinted at last December by former Canadian High Commissioner to Guyana, Lilian Chatterjee.
