On January 31, 1981, the stock in McDonough Company was sold to Hanson Trust, Ltd., a British holdings company that was aggressively acquiring industrial and service-type businesses in the early 1980’s. Although the publicly traded portion of his business holdings had been sold, Mr. McDonough retained his ownership of the barge company and three of the Irish hotels, and he repurchased his two Houston-based concrete companies.
These remaining companies operated under the corporate name of Marmac Corporation following the sale of the McDonough Company stock. Mr. McDonough stepped down from his leadership role in the early 1980’s, and he passed away in 1985 at the age of 82. Following Mr. McDonough’s departure, the company continued to evolve, divesting its interests in the hotels and the concrete business, and adding additional investments in manufacturing and equipment leasing companies.
Throughout his lifetime, Mr. McDonough had a love of philanthropy which is best illustrated by his formation of The Bernard McDonough Foundation, a 501(c) (3) private foundation located in Parkersburg, West Virginia where Mr. McDonough resided the majority of his life. The McDonough Foundation is well endowed and continues to actively contribute to a variety of causes in a meaningful way throughout the Mid-Ohio Valley.