Quinn Packaging, the plastic packaging company based in Ballyconnell, Co Cavan, is to invest over €3m in a new PET sheet extrusion line.

The investment represents the first major investment of Quinn Industrial Holdings Ltd, the company which acquired the Quinn Packaging and Construction Industry Supply businesses in December 2014. 

The company makes a range of packaging products and has a workforce of over 140 people. 

Its products include rigid packaging for the food industry - including meat and poultry trays, mushroom punnets and dairy spread containers - and flexible packaging for use in the industrial and agricultural sectors, including shrink and stretch hoods and silage wrap. 

The company said the investment is part of its strategy to become a major player in the rigid food packaging market. 

It will also provide additional capacity to further develop its PET sheet and meat tray business when the machine is fully commissioned by the middle of the year. 

Quinn Industrial Holdings Ltd (QIHL) is the entity that acquired the building materials and packaging divisions of the former Quinn Group late last year from Aventas.

Aventas, comprising former Quinn creditors, itself acquired Quinn Packaging after the family lost control of the group in 2011, with outstanding debts of around €2.8 billion.

Directors of QIHL include Liam McCaffrey and Dara O’Reilly, both of whom are associates of the group's original founder Séan Quinn.  It is understood Mr Quinn will act as an adviser to the new owners.