Mannok buyout 'very positive' and 'should secure employment' for Granard
Mannok has been bought up by Cimsa, a Turkish listed global building materials company
Mannok, the building materials and packaging group, has been bought up by Cimsa, a Turkish listed global building materials company. Cimsa have purchased a 94.7% stake in the Fermanagh headquarters business once owned by Sean Quinn.
It is understood that Mannok's EPS Insulation in Rathcronan, Granard has around 30 employees on their books.
Fine Gael Cllr Padraig McNamara believes the purchase by the Turkish company will be a good thing for the Granard operation: “It's a very positive thing for the group. There is now just one owner of the business, rather than a group of shareholders.”
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Cllr McNamara feels the announcement may be a good thing for the town of Granard: “I think it will be very positive for the town as well. It should secure employment for the town, which is vitally important.
“The benefit doesn't just come for the Mannok's EPS Insulation, but also for the companies that supply them goods and services, and the shops the employees shop in.”
The purchase values Mannok's overall enterprise at €330 million. Under the deal the local Mannok leadership team will retain a 5.3% interest.
Mannok is an industry leader, with over 830 employees and almost 50 years of manufacturing history.
Sabanci Building Solutions is a subsidiary of Cimsa, and is part of the Istanbul-headquartered Sabanci Group.
The Mannok brand will be retained. Commenting, Adrian Barden, Chairman, Mannok said: “Cimsa and the broader Sabanci group are a superb fit for Mannok as new long term, strategic owners with excellent sustainability credentials and know-how.
“The Group is steeped in cement manufacture and building products and, as a diverse conglomerate, it also has interests in retail and food, important sectors for our packaging business.”
He concluded: “We are very pleased that Sabanci has endorsed the Mannok brand and has agreed to back local management’s plans to accelerate our sustainability and growth ambitions.”