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12 Jan 2010 10:30
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Β TRADING UPDATEΒ &
PROPOSED CLOSURE OFΒ BRAMPTONΒ MANUFACTURING FACILITYΒ
12 JanuaryΒ 2010
British Polythene Industries PLC (BPI)Β is issuing the followingΒ TradingΒ Update ahead of itsΒ PreliminaryΒ Announcement on 1 March 2010Β and also announces the proposed closure of itsΒ BramptonΒ facility.
Following the Interim Management Statement which was released on 16 November 2009, the Group has continued to make positive progress. As a result, the Board expects that the outcome for 2009 will be at the top end of current market expectations.
Net borrowingsΒ as at 31 December were lower than previouslyΒ expectedΒ andΒ remain around similar levels to June 2009.
BPI has also announced today the proposed closure of its manufacturing facility atΒ BramptonΒ inΒ CumbriaΒ with the probable loss of up toΒ 39Β jobs. TheΒ BramptonΒ facility manufactures polythene film for packaging applicationsΒ andΒ has beenΒ marginalΒ forΒ severalΒ yearsΒ butΒ with a significant deterioration in 2009Β due to lower volumes. Production currently undertaken atΒ BramptonΒ will be transferred elsewhere within BPI. Redundancy consultations have commenced with employees and every effort will be made to find alternative employment either within or outside BPI. The estimated closure cost of Β£0.6 million will be included as restructuring costs in the results for the year to 31 December 2010.
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Enquiries:
|
John Langlands, Chief Executive |
British Polythene Industries PLC |
01475 501000 |
|
Tim Spratt/Nicola Biles |
Financial Dynamics |
0207 831 3113 |
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