Business Irish

Friday 22 September 2017

Fresh approach for Readymix

John Mulligan

John Mulligan

Just two months after it terminated talks with a potential buyer for the business, cement maker Readymix said yesterday that it had received a fresh approach for certain "material assets" belonging to the company.

In a short statement issued to the stock exchange yesterday, Readymix confirmed that it was in discussions that may or may not lead to a disposal or series of disposals of certain material assets or subsidiaries of the company.

In March, Readymix terminated talks with unidentified third parties about a possible takeover bid for the company after no firm offer had been made or was likely to be made in the short-term.

Readymix said last month that 2010 had offered "no respite from the ravages of the recession", with output in the Irish construction market having slumped 66pc since the beginning of 2007.

The company's pre-tax loss widened to just over €19m last year as it struggled with the continuing sharp downturn in the Irish construction market. The figure compared to a €13.7m loss in 2009.

Shares in Readymix closed up 8.8pc at 18.5 cent in Dublin.

Irish Independent

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