Mincon directors give employees €1.2m

The founding shareholders of Clare-based engineering company Mincon have said they will give employees €1.2 million from their own private funds, to reward them for their hard work.

Paddy Purcell and Kevin Barry, who were the two biggest shareholders of Mincon pre-IPO, have initiated an employee recognition plan which will distribute €1.2 million of their private funds as a once-off payment to existing employees.

“This distribution is intended to demonstrate their appreciation to staff for getting Mincon to where it is today.”

The payment will be made to approximately 140 employees across the company, and corresponds to €1,000 per year of service.

The Shannon-based firm manufactures and exports hammers and drill bits used mainly in the multinational mining and resource industries. Founded in 1977, it listed on the Dublin and London stock exchanges last November.

It is expected that there will be no cash cost to the company, and the effect on equity should also be zero.

Mincon’s drilling product played a crucial role in the rescue of Chilean miners three years ago.

The plight of the 33 trapped miners in the San José gold and copper mine, had gripped the world and Mincon’s feat of engineering drilled a narrow 137mm hole through a half a mile of rock to establish communication with the men and provide them with food, water and medical supplies before they were rescued.