Lagan Cement spent €5m on acquisitions
KINNEGAD-based Lagan Cement spent €5m acquiring assets outside Ireland last year, in a bid to end a slide in turnover and declining profits.
Lagan Cement is part of the Northern owned Lagan Group. The cement business in the Republic operates out of a state-of-the-art plant at Kinnegad that can produce up to 700,000 tonnes of cement a year.
Latest accounts show the business in the Republic remains profitable. After-tax profits were €3.67m in the nine months to the end of 2010, compared to €5m over the previous 12-month period. Turnover was €29m for the same period, compared to €45m over the previous 12 months.
A spokesman said the €5m cash was spent on European assets. In 2010, Lagan Group bought Healy Brothers, a Cork based former rival, for an undisclosed sum. Lagan Cement and Healy Bros are listed as subsidiaries of Lagan Group.