Aventas sells former quinn plastics business
The Aventas Group this week announced an agreement to sell the former Quinn plastics business, rebranded Polycasa to Swiss company Schweiter Technologies for an agreed price of €120m.
It brings to over €800m, the amount made from the sale of former Sean Quinn-owned companies in the just five months, including the deal to sell parts of the business to a consortium of former Quinn management and local business people, Quinn Business Retention Company.
The announced sale of Polycasa on Monday evening last, February 3 also marks the last major remaining slice of the former Quinn empire placed in control by the Aventas Group following the appointment of a share receiver to Quinn Group to manage the €2.8bn debt owed to Anglo Irish Bank.
Since mid-October last year, when Aventas sold the former Quinn Radiator business to an investment company chaired by Tony Mullins, former CEO of rival Barlo for €25m, they also completed the sale of the Slieve Rushen bordering Cavan-Fermanagh to Platina Partners, a London- based renewable energy investor (€127m) and the former manufacturing and packaging businesses to QBRC.
The purchase of the divisions of the former Quinn Group now owned by QBRC, was funded by a €58.5 million agreement between certain lenders and the Irish-registered company Quinn Industrial Holdings Ltd (QIHL) official filings show.
However, the purchase from Aventas is understood to involve bank debt, bringing the total price involved to approximately €100 million.
More recently, Aventas succeeded, despite local opposition, to sell the former Quinn Glass company, with its plants in Derrylin and Elton, Cheshire to Spanish glass manufacturer Vidrala for €408.6m, while the deal to sell Polycasa, rebranded in October 2013 brings total sales to €780.6m in five months.
In a statement released, Aventas said pleased to announce that agreement has been reached on the sale of its Polycasa business to Schweiter Technologies, subject to regulatory approval.
Polycasa, which employs more than 520 people, has five manufacturing plants spread across continental Europe.
Schweiter Technologies AG, which is headquartered in Switzerland has over 2,500 employees worldwide and it is said that the Polycasa will complement its 3A Composites Division, which is already a global market leader in composite panels and core materials for sandwich constructions.
Paul O’Brien, CEO of Aventas Group commented: “I am pleased that we have reached agreement on the sale of Polycasa to a global player of the calibre of Schweiter Technologies. This sale will mark a further significant step in the realisation of value for our investors and lenders”.