Glen Dimplex boss buys out partner

GLEN DIMPLEX deputy chairman Lochlann Quinn has offloaded his stake in the electrical appliance giant for an estimated €200 million.

The company confirmed yesterday that Glen Dimplex founder and chairman Martin Naughton had bought out his partner’s 26% stake to take outright control in the privately-owned heating and cleaning appliance giant. But it gave no details on the price Dr Naughton paid for Mr Quinn’s stake.

The change in shareholding took place “quite some time ago,” said chief executive Seán O’Driscoll, who added that it was widely known that Mr Quinn had stepped back from the day-to-day running of the business.

Mr Quinn stepped down as AIB chairman last year after a six-year stint, but continued to maintain his involvement with Glen Dimplex by staying on as deputy chairman. He joined the group as its finance director in 1979. Mr O’Driscoll declined to comment on whether he had been invited to take a stake in the business when Mr Quinn decided to sell his shareholding, or whether he had considered such a move.

Mr O’Driscoll said Glen Dimplex was having a good year and that he was happy with trading so far. The group was experiencing pressure from rising commodity prices that could not be passed on to customers, however. Mr O’Driscoll said steel prices had risen by up to 60%, while certain plastics had doubled in price over the past year.

Glen Dimplex is one of the world’s biggest electrical appliances manufacturers and employs 8,500 people. 2,000 of these work on the island of Ireland. Its brands include Goblin and Morphy Richards.

The company said it generated sales of €1.5 billion last year. Its annual profits are estimated at approximately €100m.