Samedia SAS, a subsidiary of JFC Group and manufacturer of diamond tools, bought a controlling interest in InterDiam BV.
The InterDiam business, which makes diamond core drills for companies that supply more prominent manufacturers with components to finish their products, is understood to have a turnover of around €10m.
Speaking with the Sunday Independent, JFC’s Concannon said the acquisition of InterDiam was an “ideal fit” for his Samedia business.
Joint owner of JFC, John F Concannon said the acquisition of InterDiam was an ‘ideal fit’
Diamond Drilling is a form of core drilling that uses a rotary drill with a diamond drill bit attached to create precisely measured holes.
As diamond is the hardest naturally occurring material, it is ideal for creating openings in a range of materials, including concrete and glass.
Samedia operates in France, Germany, Switzerland, Belgium, the US and Canada. It exports to more than 60 markets and employs over 220 people.
JFC Group, based in Tuam, Co Galway, and employing over 500 people worldwide, is a major player in manufacturing innovative solutions for the civil engineering, agriculture, diamond tools, marine, and material-handling industries.
Concannon in 2012 after he was named Philanthropist of the Year by the Community Foundation for Ireland for his work with Pieta House
According to the financial results for its Galway-based JFC Manufacturing Company, the business had almost €56.8m in sales in 2022, up from €52.4m the previous year. It recorded a profit before tax of over €9.6m, down from €10.6m in 2021.
Outside of business, Concannon became known for various media appearances.
In 1987, he showcased his multi-bucket calf feeder on The Late Late Show.
He also appeared on RTÉ’s The Secret Millionaire, during which he spent a week in west Dublin living on the minimum wage after which he selected a charity or organisation in the area to which he would provide financial support.
Since then, he has supported suicide and self-harm prevention charity Pieta House and other charitable organisations.
