Tipperary Crystal has acquired the Dungannon-based Tyrone Crystal company, which has more than 60 per cent of the Northern Ireland crystal market. The package is understood to be over £6 million (€7.6 million). Chief executive, Mr Niall Wall, Tipperary's chief executive, said the "acquisition will greatly strengthen our position as number two in the industry. This investment will deliver benefits to both brands through the significant synergies that exist and will result in a group twice its current size".

Tyrone was owned by Mr Frank Higgins, Mr Seamus Mullen and Mr Hugh Cullen. Tyrone employs 100 people and generates sales of around £6 million. It is understood to have recorded a pre-tax profit of about £0.5 million last year.

Tipperary Crystal was established in 1988 with headquarters outside Carrick-on-Suir, Co Tipperary. In 1998, the Mr Tony Ryan family investment company, Irelandia Investments and Mr Wall, purchased 30 per cent and 18 per cent respectively from Yeoman International Holdings. Irelandia now has a 74 per cent stake following the purchase of Yeoman's remaining 44 per cent in September 1999. The remaining 8 per cent is owned by Enterprise Ireland, Mr Paul Coulson and others.

Tipperary employs 65 people and sales are understood to be somewhat lower than Tyrone's. It launched a contemporary glassware collection designed by Irish fashion designer, Ms Louise Kennedy, in June 1998. This, the company, said resulted in "significant sales increases . . . future development of this collection includes the launch of new giftware in autumn 2000".