Martin Naughton (b. 1940 in Dundalk, County Louth), an Irish entrepreneur, founded Glen Electric in November 1973 with a small manufacturing facility employing just ten people in Newry, Co. Down, Northern Ireland. In 1977, Dimplex, the leading brand in the UK electrical heating market was acquired by Glen Electrics forming the Glen Dimplex Group. The company set out acquiring further businesses across the UK with Morphy Richards, the market leader in small domestic appliances in 1985 followed by Blanella, a manufacturer of electric blankets and Burco Dean Appliances, a manufacturer of products for the catering industry, all in the same year. The 1990s saw the company forge its powers of acquisition and strategic buiness thinking to acquire further businesses across Europe and beyond.
An engineer by profession, Dr. Naughton has overseen his company to become the world's largest manufacturer in domestic heating appliances. His company has plants in the Republic of Ireland, the United Kingdom and North America. His business has more than 7000 staff and 22 manufacturing facilities with annual sales of around $1 billion. Naughton's stake in the company is worth around £273 million with other investments including an art collection, property in Dublin and shares in the Merrion Hotel Group and the Sunday Tribune newspaper. He was awarded with an honorary degree (Doctor of Science) for his services to promote business in Northern Ireland.
He is an alumnus of De La Salle College Dundalk, where he funds an annual scholarship programme and is also a donor to a number of educational institutions, notably Trinity College Dublin. He lives in County Meath.
The MIDAS Men; as Glen Dimplex's Martin Naughton Lives It Up on the World, for Some E Shrewd Investors the Bust Means Business Has Never Been Better
Aug 14, 2010; Byline: by Catherine Murphy AS the lavish 'yacht', The World, moored next to the O2 in Dublin last week, it seemed like a glimpse...