This article is from page 53 of the 2013-12-31 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 53 JPG
A CLARE company is set for a € 50 million global expansion in 2014, which could lead to an increase in production and employment at its Shannon headquarters.
Mincon Ltd, which was founded in Clare by Patrick and Mary Purcell in 1977, was valued at almost € 200 million after a successful floatation on the Irish stock market last week.
This floatation, which brought in € 50 million through new shareholders, launched the company at € 180 million, with the value of shares reaching € 197 million at one point. A company spokesperson told The Clare People on December 3 that the planned international acquisition will bring extra job security and pos sibly extra employment for it Shannon headquarters. “The money raised has been earmarked for acquisitions outside of Ireland. What this will do is bring extra security to the manufacturing which is taking place in Shannon,” said the spokesperson. “Everything that is manufactured in Shannon is used for the operations around the world so there is certainly potential that we will be more busy in Shannon.”
The Purcell family owned almost 80 per cent of the company prior the floatation. They have retained 57.7 per cent stake through their Kingsbell Company investment vehicle, which enables them to maintain control of the future direction of Mincon.
The family of the company’s chief executive, Kevin Barry, owned just under 20 per cent of Mincon through a company called Ballybell prior to the sale.
Following the stockmarket entry, they now own 14.4 per cent of the company. Based on the new stock price, the Purcells’ stake is now valued in the region of € 110 million while the Barry family stake is worth more then € 28 million.
Mincon hit the headlines in 2010 when its drills played a crucial role in the successful rescue of 33 Chilean miners who became trapped nearly one kilometre underground.
A supplier of specialised drilling equipment, Mincon’s products have been used in some of the most remote regions of the world by firms engaged in mining, oil and gas exploration, as well as construction.
Before establishing Mincon, Patrick Purcell (77) worked as a fitter for the Air Corps and for De Beers [now Element Six], in Shannon.