Major Irish plastics firm holds talks with potential buyer
Athlone Extrusions, a €60m turnover plastics business that was formerly part of the Quinn Group, is up for sale, the Sunday Independent has learned.
The owners are in talks with a European potential buyer as part of a sale process run by IBI Corporate Finance, it is understood.
The company, founded in 1971, has had many changes of ownership. It was floated on the Irish Stock Exchange in the late 1990s before being bought by the Barlo group. Quinn later bought Barlo and then Athlone's management bought the business from Quinn in 2004 for a reported €55m.
Current chief executive James McGee, who was nominated in the International category of EY's 'Entrepreneur of the Year' competition last year, was unavailable for comment.
Athlone Extrusions Investment Management - the parent company of the Athlone Extrusions group - had turnover of more than €61m for the year ending September 31 2015, and pre-tax profit of almost €6m, according to its most recently filed accounts. The group had shareholder funds of €21m, the accounts state.
The accounts state it employed an average of 150 people in that financial year.
In the previous year, it completed a restructure of its balance sheet with the support of shareholders and lenders which saw its debt slashed by €25m.
That year the group also wound up its defined benefit pension scheme.
The business supplies more than 40 countries around the world from its production facility in Athlone, according to its website.
Sunday Indo Business