Fruit of the Loom's Irish management has welcomed the company's acquisition by Berkshire Hathaway, the US company chaired by Mr Warren Buffet. Mr Joe Mullan, senior vice-president of manufacturing at Fruit of the Loom's European manufacturing operations in Buncrana, Co Donegal, described the acquisition as a "great endorsement" of the textile company.
Warren Buffet has a reputation for making sound investment decisions, which are based on key strengths such as people, products and business ethics. He has recognised these qualities in Fruit of the Loom and, under Berkshire Hathaway's ownership, we will be able to fully maximise such strengths, develop our people and processes, and further enhance our reputation in the global market," said Mr Mullan.
A spokeswoman for the company said acquisition would strengthen the company's operations in Ireland and that no major changes were anticipated.
Berkshire Hathaway's acquisition completes Fruit of the Loom's emergence from bankruptcy under a joint plan for reorganisation of the company approved by its creditors and the US bankruptcy court for Delaware.
Fruit of the Loom will operate as an independent, wholly-owned subsidiary of Berkshire Hathaway, which is a holding company owning subsidiaries engaged in a number of diverse business activities.
Fruit of the Loom employs 850 people in Ireland - 250 in Derry in Northern Ireland and 600 in Co Donegal in the Republic.
