Zenith Technologies on course for €100m sales in 2019
Cork-based firm made €4.9m profit in 2017 but paid key executives €5.7m bonus
General Electric aviation facility
Irish-owned technology company, Zenith Technologies is on target to achieve sales of over €100 million in 2019 after reaching €85 million this year, according to internal figures.
Results just filed show the Cork business had a profit of €4.9 million in 2017 as sales grew by 12 per cent to €79 million. The profit figure was offset by an exceptional payment of a €5.7 million bonus to key executives associated with a significant investment stake in the company by US industrial giant, General Electric.
Zenith Technologies founder and executive chairman Brendan O’Regan said the company has seen significant growth in all its key markets, in particular in the US and China.
The Ringaskiddy-based provides digital and automation integration to its globally diverse Life Science customers, who now include the top 10 Life Science companies in the world. Its technology supports the process and technology choices that customers make.
Last year, General Electric, through its subsidiary GE Healthcare Lifesciences Holding AB took a 30 per cent strategic investment in Zenith, thus bringing the Irish company’s automation expertise to GE Healthcare.
Zenith Technologies chief executive Joe Haugh said the GE investment was central to the company’s growth. The business employs some 300 people in Ireland and more than 500 people in eight other countries.
“As a company we are well positioned for growth in a market that will deliver substantial opportunity in the next few years driven by technology advancements and new medical treatments,” said Mr Haugh.
“We are looking forward to continuing to work with GE Healthcare and the next generation of manufacturing solutions. This investment by GE further enhances our partnership and collaboration and will enable an acceleration of growth for Zenith globally.”