Founder of Irish drill equipment firm Mincon steps down after operating profits drop
Patrick Purcell, the chairman and founder of Irish drilling equipment maker Mincon, has stepped down a day after the group announced a 14% drop in operating profits.
Mr Purcell (81) will remain as a non-executive director of the group, which has cut around 10% of its staff this year as part of a drive to reduce outgoings by €3m.
The benefits of the cost-cutting measure will come through in the second half of this year and beyond, the company said earlier this week.
Mr Purcell established Mincon in 1977 before floating it on the stock market in 2013. The family still own around 57% of the Shannon-based business.