A Co Tyrone manufacturer of construction materials has spent more than £30 million (€44 million) on a major expansion, it was announced today.
Acheson & Glover, based in Fivemiletown, will increase its workforce from 450 to 770 after buying the precast concrete products business of the Irish Readymix Group on both sides of the Border and in Britain.
The deal involves plants in Ballygawley, Co Tyrone; Newry and Carrowdore, Co Down; and a retail outlet in Omagh, Co Tyrone.
Included in the sale are concrete plants in Waterford and Blessington, Co Wicklow; a concrete works in Somerset; and a sales office in Glasgow.
Readymix said just over £33 million in cash was being paid by Acheson & Glover.
The business sold had a turnover of £37.7 million and earnings before interest, tax, depreciation and amortisation of just over £5 million in the year to the end of December 2006. The business had net assets of £25.7 million as of June 30th.