Powerscreen, the Dungannon-based engineering company, is completing negotiations for the purchase of Moffett Engineering. The acquisition price is likely to be in the region of £24 million to £25 million and it is understood that an announcement is likely to be made shortly.
Moffett Engineering is one of Ireland's most successful indigenous companies, selling its Moffett Mounty truck-mounted forklifts and tractors in export markets worldwide. It has operated in Clontibret, Co Monaghan and Dundalk, Co Louth but has recently moved to centralise its operations in Dundalk.
The main beneficiary of the sale will be Moffett managing director, Ms Carol Moffett, who owns around 48 per cent of the company's shares. The other shareholders include her brother Robert and company employee, Mr James McAdam. Forbairt, the State development agency, also has a small stake in the company.
Moffett employs around 275 people and it expected to make profits of close to £3 million this year on a turnover of more than £20 million. Well over half its products are exported and it has significant sales in the US, Britain and a range of continental European markets.
Moffett has operated as a small family firm for years, but started to grow rapidly in the 1980s when it developed the Moffett Mounty and a multi-function tractor. The Mounty - a transportable forklift - has sold around the world and been the backbone of the company's success.
Powerscreen is a fast-growing Northern Ireland engineering group which made profits of £42.2 million in the year to last March on turnover of £305 million. It employs more than 2,200 people worldwide and makes crushing, screening and material handling equipment. Its shares are quoted in both London and Dublin.
Powerscreen has significant interests in the US and is likely to aim to boost Moffett sales in the market. It already has a significant presence in the Republic, manufacturing recycling machinery in Kilbeggan, Co Westmeath and also operating in Clones, Co Monaghan and at a recently-purchased plant in Slane, Co Meath.
