Turkish group to buy former Quinn industrial empire in €330m deal

Turkish building materials group Cimsa has agreed to buy almost 95 per cent of Mannok, the Fermanagh-based manufacturing company known previously as Quinn Industrial Holdings, in a deal worth €330 million.
Mannok, most of which is owned by hedge funds, makes building materials and packaging for the food industry. Businessman Sean Quinn and his family lost control of the business a decade ago.
Mannock’s management team will retain a 5.3 per cent interest after Cimsa, a unit of Turkish global conglomerate Sabanci Holdings, completes the deal.
Under the agreement, the Mannok brand will be retained as a growth hub for Cimsa and Sabanci in Ireland and Britain, and the business will continue to be led by local management.
The deal marks Cimsa’s third big investment in the past three years, following recent investments in Spain and the US, and underpins its ambition to become a scale player in the British and Irish markets.
Employing approximately 800 staff, Mannok comprises two divisions, building products and packaging, which are focused on the Irish and British markets. Its key activities are the manufacture of cement, concrete, quarry and aggregate products and insulation materials, as well as the manufacture of packaging products, mainly for the food industry.