Shannon-based Mincon deal to boost revenue by almost €5m

Shannon-based engineering services firm Mincon has acquired one of Europe’s leading tungsten carbide manufacturers in a deal which will add almost €5m to its annual revenue.

Mincon, which specialises in the making of drilling equipment for mining and exploration firms, is financing the deal from cash raised in its dual Dublin and London flotation in 2013.

A downturn in the mining industry saw Mincon’s profits dip by over 30% last year to €10.3m; but it still managed to grow revenues by 4% to €54.5m. Yesterday’s announcement sees it improve its product offering by purchasing, for an undisclosed sum, the Sheffield-based Marshalls Hard Metals Ltd, already a seasoned supplier to Mincon, which represents 20% of its sales. According to analysts, the deal represents another step in Mincon’s growth plan, set out at the time of it going public.