Saturday 23 September 2017

€7.3m investment to create 30 jobs

TEGRAL has said 30 jobs will be created when it invests €7.3m in its manufacturing plant in Athy, Co Kildare. Around €2.1m will be spent immediately on new machinery, while the remaining €5.2m will be invested in upgrading existing machinery and improvements in infrastructure over the next three years.

Ten of the new jobs have already come on stream and the balance will be created in November. The investment follows a successful tender by Tegral to supply fibre cement roof slates to the UK market, following a competitive bid with other plants within the company's global group, ETEX.

ECB MAY HAVE TO CUT INTEREST RATES

THE European Central Bank may have to cut interest rates and launch a new round of unconventional monetary easing to help boost the Eurozone economy, the IMF said.

While recent purchasing managers' surveys have suggested that Eurozone business activity is picking up, offering a glimmer of hope that the currency bloc can return to growth soon, the IMF does not see a recovery until 2014. It said efforts to shore up public finances could cut growth by up to 1.25 percentage points this year.

SMURFIT'S €1.38BN DEBT REFINANCING

Smurfit Kappa has refinanced existing debt with a new five-year unsecured loan from Ulster Bank and Royal Bank of Scotland. This means the collateral securing the obligations under the group's various outstanding bonds has also been released and is unsecured.

The transition of the capital structure reflects the repositioning of SKG's credit profile from leveraged to corporate. The new €1.38bn five-year loan comprises €750m with a margin of 2.25pc and a €625m revolving credit facility with a margin of 2pc.

CIRCLE WIDENS ITS TUNISIAN SPHERE

Limerick-based Circle Oil has extended its operations in Tunisia. The oil and gas exploration, development and production company has entered an agreement with Exxoil to farm into the Beni Khaled production licence in the Cap Bon peninsula.

Circle will acquire an initial 30pc interest in the licence in return for funding a 50sq km 3D seismic programme and one well. That is likely to cost Circle $5m. The farm-in will be funded from Circle's existing cash flow, resources and facilities.

Irish Independent

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