Acquisition of timber frame housing manufacturer

RNS Number : 6910U

Glenveagh Properties plc

03 August 2022

 

3 August 2022

Glenveagh Properties plc

("Glenveagh" or the "Group")

Acquisition of major timber frame housing manufacturer to accelerate delivery of new homes

Glenveagh Properties plc, a leading Irish housebuilder, has acquired Harmony Timber Solutions Limited ("Harmony"), a Wicklow-based timber frame manufacturer (the "Acquisition").

Harmony employs over 50 people and operates from a purpose-built state-of-the art facility capable of producing 450 high-quality timber frames per year.

The Acquisition will significantly increase Glenveagh's overall delivery capability and accelerate the supply of new homes on our path to 3,000 units per annum across our Suburban, Urban and Partnerships segments which are aligned with the Government's Housing For All initiative.

This is consistent with Glenveagh's capital allocation priorities and our ongoing strategy of vertical integration to innovate our product offering to align with evolving customer demands and meet our ambitious sustainability goals, while controlling costs in the process.

The Acquisition is subject to approval by the Competition and Consumer Protection Commission. 

Glenveagh Chief Executive Stephen Garvey said:

"Harmony Timber Solutions is a great success story and having worked with them for over five years, I know they're a highly capable team who will play a crucial role in Glenveagh's plans to continue delivering new high quality, sustainable homes to our customers.

We have been investing prudently in taking greater control of our supply chain in recent years to help meet evolving customer needs and deliver quality, sustainable homes while controlling costs in the process. Harmony ticks all of these boxes.

This acquisition will give us three major facilities in key locations, all within an hour's drive of Dublin and, more importantly, close to where we are building the communities in which our customers will make their homes."

ENDS 

For further information please contact:

Investors:	Media:
Glenveagh Properties PLC Michael Rice (CFO) Chloe McCarthy (Group Company Secretary) [e-mail]	Gordon MRM Ray Gordon 087 241 7373 David Clerkin 087 830 1779 [e-mail]

Notes to Editors

Glenveagh Properties plc, listed on Euronext Dublin and the London Stock Exchange, is a leading Irish homebuilder.

Supported by innovation and supply chain integration, Glenveagh is committed to opening access to sustainable high-quality homes to as many people as possible in flourishing communities across Ireland.

We are focused on three core markets - suburban housing, urban apartments and partnerships with local authorities and state agencies. We are targeting to deliver 1,400 suburban homes and a number of urban apartment forward fund transactions in 2022. The landbank we have assembled can deliver housing that is both in demand and affordable.

www.glenveagh.ie

 

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