Aiming to make a big splash in the global plastics game...
One51, the Irish plastics and environmental services group, has extended its plastics interests in North America through the acquisition of the US-based firm Encore for a cash and debt value of $35 million (€32m).
Encore operates in the US states of Georgia, Minnesota and Ohio and produces rigid plastic packaging for the manufacturing, retailing and distribution sectors.
The acquisition is being made by IPL, the Canadian plastics company in which One51 took a two-thirds stake for €200m last year.
One51 is also set to invest an additional €24.3m through a capital investment programme to boost Encore's production capacity across the Atlantic.
Speaking of the move, chief executive Alan Walsh heralded it as a "significant step" in the company's plans to expand globally:
"We are excited by the growth opportunities that the expansion of IPL's operations will provide One51's growing plastics division and we look forward to developing the business in the years ahead into a leading North American rigid plastics packaging manufacturer."
Earlier this week, the company confirmed that it was selling its Irish metal recycling business as it . It said of the sale, reported to have been at a knock down price:
"One Fifty One plc, a leading plastics and environmental services operator, today announces that its ClearCircle Environmental division ('ClearCircle') has completed the disposal of its metals recycling businesses in the Republic of Ireland for an undisclosed consideration."