The packaging arm of Quinn Industrial Holdings Ltd (QIHL) in Fermanagh says it plans to invest more than €3 million (£2m) in new machinery in a bid to become a "a major player" in the rigid food packaging market.
It is the first major investment since QIHL acquired the construction industry supply (cement and therm blocks primarily) and packaging businesses of the former Sean Quinn Group from Aventas two days before Christmas 2014.
Headquartered in Derrylin, Quinn Packaging is investing in a new polyethylene terephthalate (PET) sheet extrusion line for its factory just across the border in Ballyconnell to further develop its PET sheet and meat tray business.
The new machine will be supplied by SML, an Austrian company which specialises in building high-performance extrusion equipment.
Emphasising the strategic importance of the investment, QIHL chief executive Liam McCaffrey said it would give a competitive edge to the firm which employs 140 people and manufactures a range of packaging products, including meat and poultry trays, mushroom punnets and flexible packaging for industrial use.
"This investment in Quinn Packaging will allow the company to further develop its presence within the rigid food packaging sector and represents a commitment to our customers, suppliers, employees and the local community," he said.
"We believe the extra investment being made in the Vacurema recycling system will give us a competitive advantage over many of our competitors by allowing us to replace virgin polymer material with less expensive recycled material and still produce a higher quality sheet."
QIHL, whose total payroll in all its divisions is close to 750 staff, is majority-owned by three major American-based private equity funds with a combined $60 billion under their management.