Once off award for Mincon employees from two biggest shareholdersWednesday 22 January 2014 08.04
Engineering company Mincon has said that its two biggest shareholders will give the company's employees €1.2m from their own private funds to reward them for their hard work.
Company founder Paddy Purcell (through Kingbell Company) and Kevin Barry (though Ballybell Limited) have initiated the "employee recognition plan". Senior management will not receive any money.
The money will be paid to 140 eligible employees across the group and will be based on years of service with a payment of €1,000 per staff member per year of service.
The Shannon-based rock drilling engineering company was founded in 1977 and listed on the Dublin and London stock exchanges late last year.
It said today that there will be no cash cost to the company as a result of the award. The payment will be reflected in the income statement for the year ended December 2013 as a non-cash expense.
"It is a testament to the hard work and dedication of the Mincon Group employees that it has grown from its origins in Shannon into the international business it is today, with operations in Europe, Africa, the Americas and Australasia and with its securities quoted on the ESM and AIM," commented Paddy Purcell.
"As the largest shareholders in the company, Kevin and I wished to take this opportunity to show, in a tangible and meaningful way, our appreciation to the staff for their contribution in bringing Mincon to where it is today and positioning it for the next phase of its development organically and through acquisitions," he added.
Mincon makes a range of rock-drilling hammers and bits for a variety of industries including mining exploration, mining production, oil and gas drilling, water well drilling, geothermal drilling and seismic drilling.