Jim Nicholson MEP was one of a number of senior UUP members who yesterday paid tribute to Lord Ballyedmond.
Mr Nicholson said: “I have known Lord Ballyedmond for a long time and I am shocked and deeply saddened by his untimely death in this tragic accident.
“Lord Ballyedmond was one of Northern Ireland’s most successful businessmen, building up a company which became a global leader in a highly competitive industry. His contribution to Northern Ireland will not be forgotten.
“My thoughts and prayers are with the Haughey family at this very sad time.”
His party colleague Regional Development Minister, Danny Kennedy MLA, said he was “stunned to hear this tragic news”. He added: “Lord Ballyedmond was a determined businessman who brought much needed employment to my own constituency of Newry & Armagh. He built a world class business.”