Denis Cregan has announced his retirement as chairman of plastics manufacturer One51, having held the position since 2012. Hugh McCutcheon has been appointed as interim chairman.

Over the last five years, Cregan has stewarded One51’s transformation, following a period of major restructuring.

By far the greatest step in this transition into a solely plastics-focused business came in July 2015, when One51 announced the acquisition of a 67% majority stake in IPL – a Canadian plastics business – for €201m. The IPL deal was significant for One51, effectively doubling the group’s turnover.

Aborted listing

In March 2016, One51 announced plans to list on the stock market, pending approval from shareholders. However, One51 postponed its plans after certain shareholders were opposed to the deal, which would see the existing shareholders be diluted by around 20%.

Last month, Dermot Desmond’s private equity firm IIU and holding a 25% stake in One51 sold its shares at what is understood to be a significant premium to one of the Canadian investors. It is understood IIU was opposed to the IPO deal at the time. This move may pave the way for One51 to again consider a stock market flotation in the near future.

Kerry connections

Cregan also currently serves as chairman of Kerry Airport and is a director of Ornua. He is a retired director of both Kerry Group plc and Tourism Ireland and has previously worked with the Irish Department of Finance, Express Foods, Grand Metropolitan Hotels, as well as Kerry Group, where he was a member of the founding management team and served as an executive director.

One51 had a turnover of €348m and operating profits of €29m in 2016.

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