
University of Limerick honours a captain of industry for his ‘immense legacy' of economic magic
Under his leadership of over 35 years Ei Electronics has become one of Ireland's largest and most successful indigenous manufacturing and exporting companies with a turnover of €425 million in 2024.
One of the largest employers in the Mid-West, Ei continues to buck the trend and has built a reputation for delivering market-leading innovations on a world stage.
It is estimated that since its inception, over 17,000 people have worked at the Shannon-based organisation.
As well as being an outstanding supporter of engineering and economic growth in the Mid-West, Michael developed a unique reputation for giving back to the community.
He has made significant contributions to education, sport, arts and culture, health and welfare, and communities across the region.
He set up the Michael Guinee Charitable Foundation to support his philanthropic pursuits into the future.
He established the Ei Women in Engineering Scholarship at University of Limerick in 2019 and Ei's graduate programme supports UL's cooperative education programme as well as the recruitment of many UL engineering and science graduates annually.
Speaking from the ceremony in Plassey House this Tuesday afternoon, UL's Acting President Professor Shane Kilcommins said: 'Michael Guinee's work in engineering, sustainability, business and community development has been recognised on multiple occasions by both Ennis and Limerick chambers of commerce and today, it is fitting that University of Limerick recognises and honours his immense legacy.
'Michael's extraordinary commitment to maintaining manufacturing in Shannon, his tenacious support of his dedicated staff and his ability to innovate at scale are just some of the many reasons we celebrate him.
'Today's honorary conferring is a recognition of the transformative role that industry leaders like Michael play in shaping Ireland's future, and a reaffirmation of our commitment to honour those who lead with purpose and principle.'
Michael Guinee is a native of Mallow and after graduating from UCC with a Bachelor of Engineering, Michael completed a master's degree in Industrial Engineering in UCD.
He worked for a short time with the ESB before moving to General Electric to work for ECCO, a GE company in Dundalk.
He moved to Shannon in 1981 and two years later, he was appointed Managing Director of GE subsidiary Ei Company.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Irish Independent
a day ago
- Irish Independent
Irish staff data ruling ‘may open door' to more US tax probes, experts warn
Last month, an American judge told Dublin-headquartered Eaton, a power systems multinational, to ignore GDPR rules and hand over controversial employee-performance evaluations to the IRS following a long-running legal dispute. The IRS hopes to use the evaluations to judge how much work Irish-based staff were doing on some of its intellectual property (IP), potentially showing whether Eaton was being taxed correctly or not. Reacting to the judgment, Brendan Murphy, tax lead and partner at Baker Tilly Ireland, said some multinationals will worry that the ruling could 'open the door' for more IRS investigations into the work of Irish staff. 'Where does it stop then if the US takes that aggressive route? When does the EU step in to try and support companies by saying that we don't agree with this aggressive approach by the US, that these companies do have their transfer pricing work done and these profits do deserve to remain in that country. 'You could end up in a tax authority versus tax authority argument.' Murphy warned that US tax authorities could focus on companies that moved IP to Ireland between 2014 and 2020. He added the judgment appeared to weaken the protections provided by GDPR. 'I'm surprised that the US court was allowed to be so flippant in overruling it [GDPR] and say that they hold authority, as such. It'll be interesting to see if the EU courts have something else to hit back with on it.' With the judgment now calling on Eaton to hand over the employee- performance files, Murphy is hopeful they will bolster the argument that its Irish staff were properly supporting the IP functions and that no transfer pricing adjustment would be required. However, if the US courts find otherwise, it could lead to more US 'attacks' on transfer pricing studies. In that case, Murphy said it would be important for Ireland to defend itself. Jo Joyce, a partner at Taylor Wessing Ireland and lead on technology, IP and information, said the US judgment could create an expectation that the IRS's demands outweigh 'legitimate EU privacy concerns'. 'This case is quite specific on its facts but could be used as a wedge to open the door for broader claims and requests, giving less weight to GDPR than has historically been the case,' she said. 'US courts are aware of the controversy around sharing data with the US and have not historically been keen to disregard European privacy law in such a frustrated way as this judge seems to have done. 'There is a risk of a precedent being set and this being the first chink in the armour that leads to further and broader requests.' The case stems from an IRS audit of Eaton's 2017-2019 tax returns, which focused on whether the company improperly shifted IP to Ireland, where corporate tax rates are lower.

The Journal
2 days ago
- The Journal
John Magnier advisor denies being 'kept in the loop' about Tipperary land owners' tax affairs
A SENIOR ADVISOR to bloodstock billionaire John Magnier has denied that he was 'kept in the loop' regarding the tax affairs of the owners of a large tract of land in Tipperary that his boss wanted to buy. Eddie Irwin, the financial advisor at the Coolmore Stud, which Magnier founded, rejected a description of him by counsel for Barne Estate, Martin Hayden SC, as Magnier's 'fixer' and 'right-hand man'. He said Coolmore did not use 'catchphrases or fancy titles' but agreed with counsel that he would be called to work on projects if things went 'wrong'. Irwin, who has 40 years' experience working with Magnier, was called in to aid in securing the Barne Estate deal, which the Magniers believed they had shaken hands on in August 2023 for €15m. However, the Magnier side was ultimately gazumped by Irish-born, US-based construction magnate Maurice Regan, who offered €22.25m. The case centres on Magnier's claim that Regan engaged in a 'full-frontal assault' on the claimed deal to buy the 751-acre tract and that Barne Estate reneged on the deal. The Estate has been held for the benefit of Richard Thomson-Moore and others by a Jersey trust. At the High Court yesterday, Irwin said he met with the benefactor in September 2023 and contacted tax experts from KPMG after the family requested advice. A KPMG tax expert met with the Thomson-Moore family later in the month as a 'favour' to Coolmore, who were large clients of KPMG. Irwin did not attend that meeting, but allegedly sent a WhatsApp message to Magnier claiming that the Thomson-Moores were considering whether to retain the tax expert from KPMG, who was named in court. Advertisement He added that the expert had informed the Thomson-Moore family of what approach he recommended. He denied making an 'off-the-record' remark that the expert would keep him 'in the loop' in return for introducing him to the family. Irwin said that the wording of a WhatsApp message to Magnier, telling him 'off the record' about the family's intention to retain the man, was 'unfortunate' and that what he meant was for Magnier not to share the information. Irwin told counsel that the named expert was an 'innocent, decent and honourable' man, who was being 'defamed' in the court as someone who would keep him 'in the loop' on private tax matters. He said that he did have 'grave' concerns over the tax issue raised by the Thomson-Moore family at the time as it was just before the end of an exclusivity agreement and may not have been a genuine one. Irwin said he sought legal advice following the expiration of the agreement, on 23 September 2023, after he claimed that Regan had contacted Magnier's son-in-law 'angry and abusive' over the handshake deal and said he would outbid the pact by €5m. In early October 2023, with the exclusivity agreement now expired, the local estate agent involved in the sale told the Magniers that the Barne Estate had been subject to a €20m bid. The Magnier side then upped their bid to €16m with a separate, additional offering of €500,000 to establish a trust for a member of the Thomson-Moore family. Irwin said he was told by the auctioneer that the Thomson-Moore's were happy to accept the offer. But the Barne Estate solicitors never sent the contracts and the deal was never done. The Magnier side has sued the Barne Estate, Thomson-Moore and three companies of IQEQ (Jersey) Ltd group, seeking to enforce the purported deal, which they say had been 'unequivocally' agreed. The Barne defendants say there was never any such agreement, as they needed the consent of trustees to finalise any agreement, and subsequently they preferred to sell the estate to Regan, who is not a party to the case. The case continues before Mr Justice Max Barrett next month. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal


Irish Times
2 days ago
- Irish Times
Ireland needs to ditch empty promises and economic fairy tales and start confronting reality
The next six weeks or so are going to go a long way to defining the Government's term in office. The printers are going to be busy. We are due an updated housing plan, a new strategy on competitiveness and productivity, the Summer Economic Statement and a new medium-term budget strategy along with a revised National Development Plan outlining state investment plans. Then, in the middle of all this, there is the deadline for the US/EU tariff talks on July 9th. The Government needs to use this crucial period to set some kind of coherent economic narrative for its term. So far it has been firing blanks. For example, bits of its housing plan are drip-feeding out in an often-disorganised fashion. Perhaps this is meant to give the impression of busyness, but all it does is confuse people. READ MORE At the heart of all this is credibility. A believable strategy must have some hope of delivery. And here the State – in the widest sense of the Government and the public service – is struggling. It is not just that things are happening late – like the National Children's Hospital. Or that there are signs of waste and carelessness with public money – step forward the Leinster House bike shed. It is that a lot of vital stuff is simply not happening at all. It is a stretch to believe that the Metro will ever get built. Or the giant project to bring water from Shannon across the State. Or the offshore wind infrastructure that is meant to be at the heart of our energy transition , where the Draghi report on EU competitiveness showed Ireland has one of the most long-drawn out consent mechanisms in Europe. In this context, government targets take on an air of fantasy. Less than six months into the Coalition's term, Minister for Housing James Browne told us this week that the target of building 41,000 homes this year is not going to happen. So why should we believe the target for 2026 or the 300,000 plus homes promised during the Coalition's term? The Departments of Finance and of Public Expenditure will publish a budget strategy over the summer, based, we must assume, on tighter control of day-to-day spending. But key spending targets have ended up being roundly ignored in recent years. Central Bank researchers estimated this week that permanent Government spending has risen by 37 per cent since 2021. Had the annual spending limits of 5 per cent set by the previous administration been adhered to, the increase would have been 16 per cent. That is a €16 billion difference. Official documents and targets seem to exist in some kind of parallel universe where no one really expects them to happen. They are more fairy stories than strategy. And the risk with the plans coming in the weeks ahead is that these are more endless checklists of stuff that is happening already and stuff that might or might not happen at all. Some central themes and directions are urgently needed. And some convincing messages of actual action to get things done. Investment is built on certainty, yet in key areas such as climate change and housing this is simply missing. The current drift has a cost. The stalling of investment across the economy is in part due to threats of tariffs from Donald Trump . There isn't much the Government can do about that. But it can start to get its own story straight. Lack of clarity about housing policy is causing parts of the construction industry to sit on its hands. With talk of more incentives and tax breaks on the way, and uncertainty on state commitment in areas of social housing, builders wait to see what emerges. House building volumes slipped by 4.3 per cent in the first quarter of this year, compared to the previous three months. Meanwhile, big foreign investors – and their international headquarters – are starting to realise that promises to deliver better energy and water infrastructure are simply not being met. Investment plans, on hold to see how the US/EU talks work out, will restart at some stage. Ireland is at risk of not being in the frame. The first real alarm bell for this was when Intel ditched Oranmore in Co Galway as a possible site for a big new plant in 2021 because the State could not guarantee how long planning would take on vital supporting infrastructure. This followed the seemingly endless planning saga for the Apple data centre in Athenry , also Co Galway. A convincing economic narrative needs a few central points that everyone has signed up to. Read the Central Bank research out this week for a convincing case on how state investment remains low here, despite tripling over the past decade. This is because the economy and population have grown so fast and the economy was already hobbled by years of underinvestment after the financial crash. To allow space for investment to continue to grow – and provide a buffer if the public finances tighten – other parts of the budget need to be under control. This means keeping the budget in surplus and continuing to put away excess corporate taxes in the funds for the future. This needs to be a central part of a coherent strategy. To be credible, the whole Government – including Micheál Martin and Simon Harris – need to explicitly sign up to this. If it is just a creature of the budget departments, then it will be there to be negotiated away during the budget process. It goes without saying that the second leg of any strategy needs to focus on prioritisation and delivery. Many thousands of words have been written about this. And the challenges are significant. But Ireland, for now anyway, is in a uniquely privileged position with a flush Exchequer and room for manoeuvre. The resources are there. Spending them well is the challenge. Ireland can consider how to respond as the Trump story plays out. The odds are that it will continue to do so long after the July 9th talks deadline. But the Government needs a convincing narrative of how it is going to manage what is under its control and use what may prove to be transitory budgetary riches. There are dangers ahead. But we are starting from a good position, with full employment and flush coffers that are the envy of many other countries. The Government needs to start telling a better story – not just to the public and investors, but also to itself.