A LIMESTONE deposit near Fivemiletown is the latest acquisition for Quinn Industrial Holdings (QIH) and the company says the move will ensure raw materials for cement production will be secured ‘ for a generation’.
Yesterday (Tuesday) the company confirmed that they had acquired a substantial limestone deposit from Acheson & Glover.
The company had been using limestone from the Fivemiletown quarry over the past year. “Due to its chemical composition it has proved very suitable for cement production,” said Quinn CEO Liam McCaffrey.
QIH stated that the move was a “very positive development for the business” and one which would support continuing business growth. A spokesman for the firm added, “Since acquiring the business in December 2014 employment has increased by thirty percent to 830 staff with sales and earnings increasing by twenty-nine percent and 285 percent respectively.”
The latest acquisition has also further enhanced the company’s raw material reserves for more than a generation according to Mr McCaffrey. He added, “This is a very positive development for the business, it builds on the investment undertaken over the past number of years to support ongoing growth and represents a strong vote of confidence by our shareholders in the long-term future of the business and those employed within it.”
Fivemiletown Cllr Victor Warrington said this announcement would come as ‘good news’ for local jobs. “From a business perspective if it helps to secure the future of the quarry this will be good news. There’s quite a few people that I know who are employed out there and anything that provides on going security of these jobs has to be positive.”
The news of QIH’s acquisition comes in the same week that Acheson & Glover announced 105 jobs were at risk. The announcement came as the building firm declared that the Precast division, which supplies materials to the construction industry, had entered administration. The jobs affected are largely based at the company’s Ballygawley site.
In a statement Acheson & Glover said the decision to place Precast into administration followed an in-depth review of the business over a twelve month period following a downturn in market demand for its flooring and precast in the UK.
Acheson & Glover added, “We are disappointed to have to make this decision and we will be doing all we can to minimise its impact.”
Commenting on the administration announcement Fermanagh MLA Rosemary Barton said, “It is unfortunate that this decision has had to be taken, which is a worrying time for the employees, I trust every effort will be made to support the staff in this difficult time and in the weeks and month ahead.”
Sister company, Acheson & Glover Limited employ 230 people. Assurances have been given by the company that these jobs are secure.
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