Patrick Purcell, the founder of Shannon based drilling equipment maker, Mincon as stepped down as chairman of the company.

Earlier this week, Mincon announced a 14 percent drop in operating profits to €6.9m in the first six months of 2019. The eighty one year old will remain on as a non-executive director of the group which has already cut an approximate 10 percent of their workforce in 2019 as part of an attempt to reduce expenditure by €3m.

Purcell founded Mincon in 1977 alongside his wife Mary and floated it on the stock market six years ago. The company now has offices in fifteen countries across five continents. The family still owns 57 percent of the business which designed and manufactured the drill that assisted in the freeing of 33 trapped Chilean miners in 2010.

Earlier this year, Patrick and the Purcell family were named at 111th in The Irish Independent’s 2019 Rich List worth €145m, up €10m on the previous year.

Related News

donald trump 2
Trump 'more than welcome' in Doonbeg for Irish Open says Agriculture Minister
inagh bus stop bike shelter 1
Inagh named Ireland's Greenest village
Burren centre
Burren Visitor Centre celebrates 50 years of history and heritage
secretaries strike gareth ruane 1-2
'They are worth every penny' - Ennis councillors give backing to school secretaries & caretakers
Latest News
cratloe v ennistymon 14-09-25 diarmuid ryan 1
Cratloe claim victory over Ennistymon following extra-time excitement
st josephs doora barefield v kilmurry ibrickane 14-09-25 diarmuid boyle james curran 1
Parish produce big second half pump to knock out Kilmurry Ibrickane
court yard lanters 1-2
Gort Arts to host exhibition at Kennedy studio for Culture Night
clondegad v o'currys 28-09-24 michael foran 1
O'Currys relegated to Junior A ranks for first time since 95 following Ennistymon loss
paddy donovan 1
Split-decision defeat for Donovan welterweight world title bout
Premium
Wind in Corofin's sails to bounce back to top tier after quarter-final win over Gaels
Cooraclare cause big shock to knock Kilrush out of intermediate championship
Glory for Kilmihil in relegation final as Wolfe Tones drop back down to intermediate
Éire Óg qualify for Clare SFC semi-finals to keep double bid alive
Lissycasey lead the way beating St Breckans to claim first semi-final place

Advertisement

Subscribe for just €3 per month

If you’re here, you care about County Clare. So do we. Did you rely on us for Covid-19 updates, follow our election coverage, or visit The Clare Echo every week for breaking news and sport? The Clare Echo invests in local journalism and we want to safeguard its future in our county. By becoming a subscriber you are supporting what we do, will receive access to all our premium articles and a better experience, while helping us improve our offering to you. Subscribe to clareecho.ie and get the first six months for just €3 a month (less than 75c per week), and thereafter €8 per month. Cancel anytime, limited time offer. T&Cs Apply. www.clareecho.ie.