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Glenveagh Properties PLC on Wednesday said it has bought Wicklow, Ireland-based timber frame manufacturer Harmony Timber Solutions Ltd.
The Dublin-based housebuilder said that Harmony will ‘significantly’ increase Glenveagh's overall delivery capability and accelerate the supply of new homes. The company aims to deliver 3,000 homes per year across its suburban, urban and partnerships segments, which is in line with the Irish government's 'housing for all' initiative.
It is also consistent with Glenveagh's capital allocation priorities and its ongoing strategy of vertical integration to innovate its products to align with evolving customer demands, the company added.
The acquisition price was not disclosed but it is subject to approval from the Competition & Consumer Protection Commission.
Glenveagh Chief Executive Stephen Garvey said: ‘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,’ Garvey added.
Glenveagh shares were untraded at €1.06 each in London on Wednesday morning. The stock is up 4.6% in the past 12 months.
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