Sean Quinn is to splash out almost €200 million to set up a new radiator facility in Wales that will employ 460 people. The Welsh local administration said yesterday it had sold a disused factory in Newport to the Quinn Group, which will set up a new European headquarters for its radiator division in the south Wales town. The new base will focus on specialist manufacturing of compact radiators and research and development activity. It will sit on the site of a former LG Philips electronics plant that closed two years ago with the loss of 900 jobs.
The Quinn Group’s existing radiator plants are located in England, Belgium and Ireland. It ramped up its heating business last year when it swooped to take over former plc, Barlo, in an €84m deal, putting an end to the long-standing management buyout ambitions of then chief executive Tony Mullins.
Mr Quinn has been credited with building one of Ireland’s most successful privately-owned companies over the last three decades and has steadily established a heavy-hitting presence across a number of sectors, including radiators, glass, plastics, cement, insurance and hotels. His group employs around 5500 people and generated revenues of more than €1bn last year.
The latest deal comes just six months after Mr Quinn handed over €270m to land the prestigious De Vere Belfry hotel and golf resort near Birmingham that has staged the Ryder Cup. Other recent purchases include the Hilton and Ibis Karlin hotels in Prague in the Czech Republic, which cost €145m, as well as a stake in Dublin stockbroking firm NCB.