Molex adds to investor’s fortune

The loss-making main Irish unit of electronic component manufacturer Molex, last year added to the fortune of the magnate who owns Ireland’s most exclusive hotel.

New accounts show that the Shannon-based Molex Ireland Ltd last year paid a dividend of €58.7m.

One of the beneficiaries of the dividend windfall is co-chairman of the US firm, Fred A Krehbiel through the 231,180 shares he owns in Molex.

Last year, the US parent recorded global revenues of $3.5bn (€2.63bn).

Mr Krehbiel, whose wife Kay is Irish, is better known here as the owner of the five-star Ballyfin Demesne in Co Laois.

Molex is one the Shannon Free Zone’s biggest employers, going from 352 staff to 362 last year.

Companies Office filings show that the firm recorded the loss last year after revenues dipped by 2% from €51.5m to €50.3m.

The loss last year follows a loss of €1.2m in 2011.

The directors’ report states: “Despite a turnover decrease of 2.2% on 2011 levels, gross profit improved by 41%. The company expects, that in the long term, the general level of activity will increase and the company will be profitable.”

The dividend last year cut accumulated profits to €13.6m. Directors’ remuneration last year fell from €257,000 to €233,000.