Abrdn Property Regulatory News (API)

3 Oct 2007 10:31

API Group PLC03 October 2007 3 October 2007 Appointment of CEO API Group plc, the specialist packaging company, announced today that AndrewTurner (44) has been appointed Chief Executive Officer with effect from 15October and will join the Board on the same date. Andrew is a graduate mechanical engineer with an MBA and has over 14 years'experience in the packaging sector. Most recently he was Global Vice President,Marketing & Sales for the Tobacco Packaging sector of Alcan, the internationalpackaging group. Prior to that, he was Divisional Managing Director with FieldGroup plc, the printed paperboard packaging company, with responsibility foroperations in the UK, Germany and Spain. Commenting on Andrew Turner's appointment, Richard Wright, the Non-executiveChairman of API, said: "Andrew has an excellent track record of transforming operational performanceand delivering profitable growth in international packaging businesses. TheBoard believes that his combination of manufacturing, commercial and leadershipskills are highly relevant to the challenges facing the Group, especially inrestoring the financial performance of underperforming European businesses andsuccessfully delivering a number of exciting growth projects which are alreadyunderway." Andrew replaces David Walton who resigned as Chief Executive in August and theBoard anticipates a short handover period, supported by the Non-executiveChairman. There is no further information which is required to be disclosed underparagraph 9.6.13 of the Listing Rules. Funding update The Group is making progress towards resolving its future funding requirements.It is in constructive discussions with its principal bankers, Barclays Bank plc,and has received a proposal from its two largest shareholders in respect of theprovision of additional debt and equity capital. The Board is considering thisproposal while also assessing all other options available to it. The Boardexpects to make a further announcement in due course. Ends Enquiries Richard Wright, Non-executive Chairman 01625 858700API Group plc Tim Spratt 020 7831 3113Nicola BilesFinancial Dynamics This information is provided by RNS The company news service from the London Stock Exchange