One51 has sold Foamalite, the Cavan-based plastics outfit, to a Swiss company. Schweiter Technologies has announced it is buying the Irish company for a price “in the single-digit million euros range”.
Foamalite had sales last year of about €25m and employs about 70 staff at Loch Gowna in Cavan. The transaction is expected to close at the end of June.
Foamalite makes plastic sheeting, which it exports throughout Europe. It was bought by One51 in December 2007. Philip Lynch, the former One51 chief executive, oversaw the deal to buy Foamalite, which was founded in 1997 by Christine and John Reilly.