Business Irish

Tuesday 17 January 2017

Desmond increases shareholding in INM

Published 04/02/2012 | 05:00

BILLIONAIRE investor Dermot Desmond has raised his stake in Independent News & Media, according to a stock-exchange filing issued last night. Mr Desmond's investment vehicle IIU Nominees said it had increased its stake in the publisher of this newspaper from 4.54pc to 5.75pc. IIU now owns 31.6 million shares in the company, according to yesterday's filing.

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Irish marketing firm wins IBM honour

AWARD

THE Dublin-based retail-marketing firm Profitero has been named IBM Global Entrepreneur of the Year at the IBM SmartCamp global finals in San Francisco. The technology company provides a price-intelligence service for retailers and manufacturers. It was founded by CEO Volodymyr Pigrukh, CTO Dmitry Vysotski and Kanstantsin Chernysh in 2010. Its prototype solution trawls retail websites and obtains real-time pricing information. The company has raised €750,000 in funding from Delta Partners and Enterprise Ireland

Smurfit unveils its newest director

APPOINTMENT

IRISH packaging group Smurfit Kappa has announced that the senior Coca-Cola executive Irial Finan has joined its board as a non-executive director. The appointment of the Roscommon native is widely seen as a coup for Smurfit Kappa. Mr Finan (54) is the executive vice president of Coca-Cola and effectively the second-in-command at the group. He joined the group in 1981.

Kerry closes food factory in England

FOOD

KERRY Group is to shut a frozen-food factory in England, with the loss of more than 300 jobs. The company has begun a consultation process with all 337 staff at the former Headland Foods frozen ready-meals plant in Grimsby, which is scheduled to close in three months' time. Under the plan, production will be shifted from the Grimsby site in north-east England to Kerry's much bigger Carrickmacross site in Co Monaghan. Kerry only bought Headland Foods last year but the business is likely to be shut down now -- almost a year to the day since its takeover was agreed. A spokesman for Kerry said the decision was the result of continuing problems in the UK ready-meals market. "There has been further deterioration in the ready-meals market in the UK."

Irish Independent

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