THE business originally linked to former Fermanagh billionaire Seán Quinn has acquired part of a Co Tyrone quarry.
Construction supplies and packaging business Quinn Industrial Holdings (QIH) completed the acquisition of a substantial limestone deposit at Crievehill, Fivemiletown from Acheson and Glover late last year for an undisclosed sum.
The purchase follows a year when QIH had been succesfully using limestone from the Co Tyrone site in the production of Quinn Cement.
The chemical composition of the limestone extracted from the site at Crievehill proved to be suitable for Quinn Cement production when blended with materials extracted from Quinn’s existing quarries.
In the months since the deal was completed, QIH has invested in the site's infrastructure, with work including the addition of a new automated weighbridge and lorry wheel wash.
The weighbridge management system enables accurate weight data collection and processing and acts as an additional control mechanism for managing the safe movement of vehicles and materials at the quarry site. A new access route has also been opened at the site as part of improved security and health and safety measures.
QIH chief executive officer, Liam McCaffrey, described the acquisition as a "very positive development" for the business.
"It builds on the investment undertaken over the past number of years to support ongoing growth while further enhancing the company’s raw material reserves for more than a generation," he said.
In April QIH, made up of elements of the former business empire founded by fallen tycoon Seán Quinn, delivered its fourth successive year of strong double digit growth in 2018.
The company, based on the Cavan-Fermanagh border, said turnover rose 15 per cent from €209 million (£181m) to €240m (£207m) in 2018, mainly driven by volume growth on the island of Ireland.
This represents an increase of almost 50 per cent from that achieved prior to the acquisition of the old Quinn Group businesses by QIH shareholders in December 2014.
QIH, which comprises the two key divisions of Quinn Building Products and Quinn Packaging and operates from 12 sites including Derrylin in Co Fermanagh and Ballyconnell in Co Cavan, has had capital expenditure over the past four years of more than €45m (£38.9m), including €21.7m (£18.7m) last year.
