Varity was a Canadian multinational manufacturing company, created in 1986 from the remains of Massey Ferguson (MF) of Toronto, Ontario, Canada.

After a period of corporate losses left MF insolvent, Varity was formed to detach the ownership of insolvent Massey Ferguson from its liabilities, including pension plans, and enable the Massey Ferguson brand and several subsidiaries to continue as working entities.

In the 1970s, Massey Ferguson, based in a large Toronto complex dating from the 1850s, was one of few Canadian multinational companies, profitable on sales on over CA$1 billion annually.

When Conrad Black obtained control of Argus and Massey in 1978, he proceeded on a program of cost-cutting with a plan to make MF more profitable and recession-resistant.

In its history, Massey Ferguson generally only provided a profit of under four per-cent per year and Black's plan was to improve the balance sheet.

In 1985, Massey Ferguson proposes a $400 million redevelopment plan and gets the site rezoned for commercial, industrial and residential uses.

[10] In 1989, Varity buys a majority interest in automotive parts supplier Fruehauf, the parent of Kelsey-Hayes for US$700 million.

[15] In August 1996, the remaining electrical, brake and diesel engine divisions of Varity merged with Birmingham, England based Lucas Industries (Automotive & Aerospace) to become British-based LucasVarity.

[19] Rice was a British native, and had moved in 1975 to Toronto to join Massey Ferguson's head office as an executive.

After the sale to TRW, Rice retired in Buffalo and worked with various business associations and the Olmsted Parks Conservancy.