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(Alliance News) - Injection moulded plastic parts maker Carclo PLC on Wednesday said takeover talks for its LED technologies business have continued, while there has also been a change up at management level.
The firm has also appointed a new chief executive, it said. Anthony Collins, currently chief restructuring officer, will become CEO at the start of October, with Chair Mark Rollins returning to a non-executive chair role.
Collins' appointment will see him serve on an interim basis, Carclo added, while the company continues to restructure.
Further, Finance Director-designate Paul Below, who was appointed in September, will not be taking up the role. Ed Watkinson will become interim chief financial officer when current Finance Director Sarah Matthews-DeMers leaves at the end of October.
On the disposal front, Carclo has already sold a part of Wipac, within Carclo's LED Technologies division, and talks continue over selling the entire business. Carclo said due diligence is at an "advanced stage", though nothing firm has been agreed.
Carclo said "significant" underlying operating losses continue to be made at Wipac, but things have improved in recent weeks.
Elsewhere, the company said the Technical Products and Aerospace divisions have beaten expectations in the first five months of Carclo's year ending March 2020.
Carclo shares are currently suspended from trading, as it has been unable to release annual results for its year ended March 31 on time.
By George Collard; georgecollard@alliancenews.com
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