Lagan and Quinn Building Products have abandoned plans for their proposed joint venture.
Last December, the two companies announced that they had signed a memorandum of understanding which would combine their cement and building products businesses based in Ballyconnell, Derrylin, Kinnegad, Belfast, Cork in Ireland and Benelux. Quinn Therm, Quinn Litepac, Quinn Tarmac and Lagan Sand were not included in this proposal.
However, in a joint statement released on Friday, the two firms said: "Discussions have now concluded and both companies have decided not to progress further with the proposed joint venture.”
The decision follows the receipt of a package containing a bullet which was sent in the post to the Lagan's chief executive, Kevin Lagan, the company said in a statement last Thursday. The bullet, which was sent to Lagan at his Belfast office, was accompanied by a message stating, "Quinn ... is this what you want".
"This is clearly an attempt to intimidate myself and the Lagan Group at a time when we are engaged in discussions with Quinn on combining our cement and building products businesses," said Lagan in a statement released on 14 February 2013.