Drillbit firm gives staff €1m bonus

Mincon, a Shannon-based industrial drillbit manufacturer, has reported an 18% increase in operating profits, despite being hit by currency fluctuations and a decision by the board to give staff a €1m bonus.

The company, which designed the drillbits used to rescue the Chilean miners trapped underground in 2010, reported that operating profits rose 18% to €15m last year, on the back of significant shareholder payments the previous year.

Mincon focused more on the sale of goods it manufactures itself rather than reselling third-party products, with the sale of their own products now representing nearly 80% of business.