Sales at Shannon-based company exceed €1bn

SALES at a Shannon, -based medical technology firm, favoured by one of the world’s richest men, Warren Buffett, last year rose 4% to over €1 billion, figures show.

According to accounts filed by the US-owned Benex Ltd, revenues at the company — which employs only 14 people at its Shannon base — rose 4% or €41 million to €1.059bn to end of September last year.

The figures show pre-tax profits at the company rose 31% from €78.5m to €103.3m. The company based at the Shannon Free Zone is Becton Dickinson’s “regional distribution and logistics platform for Europe” and the directors state that the increase in sales last year was aided by additional sales of flu-related products.

One of the world’s richest men, Warren Buffett through his vehicle, Berkshire Hathaway owns shares in Becton Dickinson.

The turnover recorded by the Irish subsidiary of the US medical group represents 20% of the corporation’s global revenues of €5.26bn last year where the corporation employs 29,000.

The company’s turnover confirms the firm as one of the top performing companies in Ireland in terms of the size of its business.

The accounts show that the Shannon unit last year paid €80m in dividends to its parent and that follows a payout of €120m in 2009.

Company filings since 2003 show in the period 2003 to 2010, the company has paid €593m in dividends to its US parent company.

During the same 2003 to 2010 period, the company has paid €82.7 in corporation tax to the exchequer, paying €12.9m last year.

At the end of September last, the company had €43m in accumulated profits after taking into account the dividend payout and profit for last year.

According to the directors’ report the growth in revenues was achieved “despite challenging marketplace conditions across the geographic locations and business segments served by the company”.