Encirc, the glass manufacturer formerly known as Quinn Glass, is to be sold off.
According to The Sunday Times, Aventas, the former Quinn manufacturing group, is looking for around €400 million for the division, which is the most valuable part of the manufacturing empire once owned by businessman Seán Quinn.
The glass division was renamed Encirc earlier this year and has numerous glass packaging contracts, including contracts with Diageo and Britvic. The division has annual revenues of around £250 million and operates two factories, one in Co. Fermanagh, Northern Ireland, and one in Cheshire, England. The factories employ over 1,000 people.
First-round bids are due this week, with around ten bidders expected. Rival Ardagh Group is not expected to bid because of potential competition issues. The paper reports that there is a possibility that a group led by the former chief executive of the Quinn Group, Liam McCaffrey, may be interested in Encirc, after comments that it made earlier this year.
Aventas is currently in the process of disposing of a number of former Quinn businesses.
© 2014 European Supermarket Magazine – Europe’s grocery retail magazine, for all your breaking supermarket, convenience-store and FMCG news. Article written by Nicole Gernon.
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