A group of local businessmen on the border area and some senior managers of the former Quinn Group have come together in an effort to buy some of its manufacturing operations.
The businessmen have created a firm called Quinn Business Retention Company to buy the businesses of Aventas Manufacturing Group.
Endless LLP, a UK based private equity investor, is backing the deal.
The operations in question are mainly based in Derrylin in Co Fermanagh and Ballyconnell in Co Cavan. Aventas said it will continue to own and operate its glass, plastics and radiator businesses.
A statement from Aventas said that while there is no certainty a transaction will be concluded, both parties have entered a period of exclusive due diligence.
The parties concerned are committed to completing the transaction by the end of the third quarter of this year, it added.