More local employment will be created following the sale of Mannock.
It was confirmed yesterday that the building and packaging company based in Ballyconnell has been bought by Turkish company, Cimsa in a deal worth €330m.
Çimsa CEO Umut Zenar emphasized the potential impact of the acquisition for both companies, saying they believe this agreement marks the beginning of a new era for Mannock. The CEO of the Turkish based company says they are committed to preserving the existing workforce and creating new employment opportunities in the region to support Mannock’s further growth under the current strong local leadership team.
In a statement, the company says it has acquired 94.7 per cent of Mannock with the Mannock leadership team retaining a 5.3 per cent interest. Under the agreement, which is subject to customary approvals, the Mannock brand will be retained and the business will continue to be led by local management. Michael Cogley the London editor with the Currency says its a great opportunity to add to the 800 strong workforce that is already in place.
