IRISH BUSINESSMAN AND philanthropist Martin Naughton has died aged 87.

The Louth man was the billionaire founder of electrical company Glen Dimplex, and alongside his wife Carmel Naughton, also founded The Naughton Foundation, which provided STEM scholarships to young people.

In a statement, Naughton’s family said that on Friday, he took ill whilst travelling in the US with his wife, and passed away a short time later at Harborview Medical Centre in Seattle.

“Though he received countless awards and accolades over a lifetime of achievement, his greatest pride and joy was his wife Carmel and their beloved family,” the statement said.

Naughton is mourned by his wife Carmel and children Fiona, Neil and Fergal and their extended family and friends.

In 2016 the philanthropist was a recipient of France’s Legion d’Honneur, and Pope Francis conferred the honour of the Order of Saint Gregory the Great upon Naughton and his wife in recognition of their philanthropy in the areas of education and the arts.

Simon Harris said his thoughts are with Naughton’s family, describing him as “an all-round thoroughly good human being”.

“His contribution will live on for generations and generations in our country, in his generous charitable work,” the Tánaiste said.

The Ceann Comhairle, Verona Murphy said “Ireland has lost not only a great entrepreneur, but a generous and compassionate citizen whose legacy will endure”.

“I was saddened to learn of Martin’s passing. I had the privilege of knowing him personally and was struck not only by his remarkable achievements but by his warmth, humility and generosity,” the TD said.

Business representative group Ibec today described Naughton as “one of Ireland’s greatest entrepreneurs whose vision, innovation and determination built a world-class Irish company with a truly global reach”.

Ibec chief executive Danny McCoy said: “Martin demonstrated that an Irish manufacturing company could compete, grow and lead on the world stage.”

“He was a proud Irishman, but also a committed globalist who understood that openness, international engagement and innovation were the foundations of long-term prosperity.”

“His success in business was matched by an extraordinary commitment to philanthropy,” McCoy said.

“Through the Naughton Foundation, established with his wife Carmel, he invested in generations of young people through STEM scholarships, championed engineering and scientific excellence as well as supporting the arts. His generosity reflected a deep belief that education, innovation and opportunity were the keys to Ireland’s future.

“His legacy as an innovator, entrepreneur, philanthropist and global business leader will continue to inspire generations of Irish enterprise.”

Trinity College Dublin said Naughton was a “cherished friend” of the university.

A statement from the college said Naughton’s vision and gift in 2018 is the foundation on which the Martin Naughton E3 Learning Foundry at Trinity is built, and highlighted the hundreds of students helped by the Naughton Foundation Scholarships.

Trinity’s Provost Dr Linda Doyle said: “Martin Naughton’s legacy at Trinity will be felt for generations to come. It’s been my great honour and privilege to have known such an inspiring and generous man.”