Subscriber login Close [x]
remember me
You are not logged in.

Spanish glass manufacturer Vidrala to buy Encirc business

Published:  12 January, 2015

Spanish glass manufacturer Vidrala is expected to purchase Encirc - the former Quinn Glass business - in a deal worth up to €400 million.

Vidrala, valued at almost €1bn on the Spanish stock exchange, has been named the preferred bidder for the business following a three-month sale process.  Negotiations are likely to complete this week.

Encirc is the new name for the company created from sister firms Quinn Glass and Cobevco. Back in May 2014 Quinn Glass rebranded, along with Cobevco, as a single entity into Encirc, to encompass its glass manufacturing, filling, warehouse and logistics. The newly-named group Encirc now three divisions - one for glass, one for beverages and one for logistics.

Encirc produces over 6.5 million glass bottles and other containers daily, and fills more than 4 million litres of bulk shipped beverages every week. The company has annual revenues of almost £250 million and contracts with Diageo and Britvic.

Aventas, parent company of Encirc, released a statement countering what it termed "misleading and inaccurate information being circulated in the Ballyconnell/Derrylin area", stating that Vidrala intends for "Encirc to remain as a separate standalone subsidiary retaining its identity and autonomy. They see the current management team led by Adrian Curry as vital to a successful future for the business."

It added that it sought assurances from bidders as to their intentions in respect of their commitment to employment and investment for both facilities. Again it states that Vidrala has said "in the strongest possible terms" that it is of the "utmost importance to integrate with the local communities, keep employment in the relevant regions whilst encouraging and ensuring professional promotion of the relevant workforces".

The statement came in response to news that a local meeting is planned for Ballyconnell, Co Cavan, this evening to galvanise support for resisting the sale of the Derrylin facility.

Signs have been erected along the Ballyconnell to Derrylin road saying: "Glass Grabbers Not Welcome Here".

A Facebook page campaigning for local control of the former Quinn Group manufacturing divisions has urged people to come to tonight's meeting. But Aventas said that it had received five bids, none of which represented a formal bid from a local group.