Irish engineering firm Mincon hunting for new acquisitions
Industrial drilling manufacturer Mincon Ireland has seen a €6m increase in revenues for 2016 to €76.3m and is now seeking acquisition opportunities. The company has already spent €15.4m on nine takeovers in the last three years. Mincon has IPO cash available for acquisition, but will likely use debt if investments require it. Mincon closed 2016 with €35m in available cash.
The maker of industrial drilling tools for use by mining companies yesterday reported a strong set of full-year results for 2016. These showed a €6m jump in revenues to €76.2m and a near 18% rise in pre-tax profit to €11.33m.

The company has been on the outlook for takeover opportunities for some time but has been put off by what it deemed unrealistically high transaction values. That said, it has spent €15.4m on nine purchases in the past three years, with all proceeds coming from the €47m it rose via its 2013 flotation.