Ireland’s Divinereach becomes co-owner of two cement plants in Ukraine
26 August 17:30
Divinereach, which is controlled by the owners of Hyundai Ireland, the O’Reilly family, has become co-owner of Volyn Cement and Pivden Cement. This is reported by The Irish Times.
Divinereach has acquired a 25% stake in cement producer Dyckerhoff, which owns Volyn-Cement and Pivden-Cement plants in Ukraine.
Divinereach is managed by Hyundai Ireland Group Managing Director Eugene O’Reilly Jr, Susan Jones and Niall O’Hanlon.
The O’Reilly family is best known for its activities in the automotive trade – Eugene O’Reilly Sr. is the founder of the Hyundai business. Tracematics, which is also owned by the family, develops and sells software for fleet management for rental cars.
However, the family also actively invests in other sectors, including real estate. In 2020, Ditton Investments, a member of the O’Reilly group, received permission to build 150 apartments in Dublin. Fitzditton, which is also involved in real estate and is owned by O’Reilly, had assets of €10 million at the end of 2023.
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Last year, Volyn-Cement and Pivden-Cement plants were bought by CRH, the largest manufacturer of building materials in Europe and North America, which was acquired by the company. Under the terms of the AMCU, it had to transfer a share of assets to a third party. Divinereach became the third party.
The Irish Times writes that Ukraine will need 506 billion euros for post-war reconstruction, and cement will be critical in this process. The country will need 20 million tons annually, but even before the war it could produce only 11 million tons. CRH has invested €600 million in Ukraine since 1999, including €80 million since the Russian invasion.
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