QBRC and Aventas have released a joint statement confirming that QBRC will take over the running of the Construction Industry Supply (CIS) and Packaging businesses from the weekend of November 29.
“Following recent speculation regarding progress on the QBRC transaction to acquire the Construction Industry Supply (CIS) and Packaging businesses, as well as the on-going sale process in relation to the Encirc glass business, we thought it useful to clarify the current agreed position between us,” said the statement issued this afternoon.
“QBRC has just completed a round of intensive discussions with Aventas’ senior management and their financiers. All outstanding commercial items have been agreed and the drafting of the final legal documentation is nearing completion. All parties will work to have the documentation executed to facilitate the QBRC management team taking over the running of the businesses from the weekend of 29th November,” it continued.”
The CIS and Packaging businesses have significant potential for further growth given their strong asset base and their position in growing markets. The QBRC executive team, which includes members of the former Quinn management, is looking forward to completion and will be solely focussed on growing and developing the CIS and Packaging Businesses.
“All parties recognise the critical importance of each of the two Encirc facilities to each other. Consequently, we are all fully committed to the objective of achieving a sale of Encirc to a financially strong buyer who, in turn, is committed to investment in the medium term, to the longer term development of both facilities and to continuity of employment in Encirc. The QBRC non-executive Board members will engage with all stakeholders in respect of the Encirc sales process to ensure an environment where this objective can be achieved.
“The Encirc glass plants will continue to benefit from their leadership position in all aspects of manufacturing and service delivery in the glass industry,” added the statement, noting that when completed, the proposed new natural gas pipeline will improve the cost competitiveness of the Derrylin plant which will in turn help support and sustain its long term future.