A €60 million takeover plan has been put forward to French tableware group Arc International. The injection of €60 million would help finance the restructuring of the group and the modernisation of its main production site at Arques, Nord-Pas-de-Calais, France. The takeover offer was led by PHP, an American investment structure founded by Tim Gollin, a former associate of One Equity Partners, as well as Cédric Aymard and Didier Riebel in France, two specialists in business transformation.
In the context of some misleading and inaccurate information being circulated in the Ballyconnell/Derrylin area, Aventas feels it is appropriate to clarify the position in relation to the Encirc sale process. An extensive bid process has been run by Aventas to sell the Encirc business, receiving five formal fully funded bids for the business and are in advanced discussions with the preferred bidder. There was no funded local bid.
Spanish company Vidrala has bought the former Quinn Glass business for €408.6m. The business includes manufacturing plants in Derrylin in Co Fermanagh and Elton in Cheshire, England and is currently named Encirc; it is being sold by Aventas Manufacturing Group, which has managed a number of companies in the former Quinn Group since bondholders moved to take control of the company over debts owed by Seán Quinn.
Trulite Glass Co. has notified the state of plans to close its Hebron plant in March, leading to the loss of 70 jobs. The Florida-based glass manufacturer said the decision is related to its recent acquisition of a competitor and the need to streamline operations. Trulite acquired the Hebron plant late last month as part of the purchase commercial glass fabrication assets of AGC Glass Co. North America.
Australian mineral sands miner Iluka Resources has confirmed that it was still in discussions with London-listed Kenmare Resources regarding a possible takeover. Kenmare earlier this week reported that Iluka had continued with its technical and non-technical due diligence over the company, in an effort to progress the proposed takeover.
Dubai International Capital (DIC) is launching the sale of German alumina products maker Almatis as the fund seeks to reduce its liabilities in the wake of a debt restructuring. DIC has mandated Barclays to explore the options of the possible divestment; Almatis is around 80 per cent owned by DIC with a stake also held by Blackstone unit GSO Capital Partners.