28 May 2015 10:02
28 May 2015
Powerflute Oyj
Appointment of Director
Powerflute Oyj ("Powerflute" or the "Company"), the packaging and paper group, is pleased to announce that Wolf-Dieter Baumann was appointed as a Non-Executive Director of the Company at the Annual General Meeting of shareholders held in Kuopio, Finland on 28 May 2015.
Mr Baumann has more than thirty years of experience in the paper and packaging industry and has held senior positions in a number of large multi-national organisations specialising in the manufacture of machinery and equipment for the paper and packaging industry, including 17 years spent with Voith a leading supplier of machinery and technology to the paper industry. He is currently working as adviser to a leading German investment company, is an Austrian citizen and is 57 years old.
Commenting on the appointment Dermot Smurfit, Chairman of Powerflute said:
"We are delighted to announce the appointment of Wolf-Dieter Baumann as a Non-executive Director of Powerflute and we are confident that his considerable experience and knowledge of the paper and packaging industry will enable him to make an immediate and valuable contribution to the Board."
The additional information required under AIM Rule 17 in connection with appointment as a Director of Powerflute is as follows:
Mr Baumann is currently a director of IPPT GmbH, Pester PAC GmbH, M.J. Maillis Group and Germany Packaging Institute.
There are no further disclosures required under Rule 17 or paragraph (g), Schedule Two of the AIM Rules for Companies.
Ends
For further information, please contact:
Powerflute Dermot Smurfit (Chairman) Marco Casiraghi (CEO) David Walton (CFO)
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c/o Oliver Winters, FTI Consulting +44 20 3727 1535 |
Numis Securities Mark Lander (Corporate Broking) Andrew Holloway / Jamie Lillywhite (Nominated Advisor)
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+44 20 7260 1000 |
FTI Consulting Oliver Winters Tom Hufton
| +44 20 3727 1535 |
About Powerflute
Powerflute is a paper and packaging group quoted on the AIM market of the London Stock Exchange (Ticker: POWR) which seeks to acquire businesses with strong fundamentals whose performance can be improved through a combination of management focus and targeted investment.
The Group currently has two main activities; Packaging Papers which trades under the name Powerflute and operates a paper mill in Kuopio, Finland producing a specialised form of Nordic semi-chemical fluting used in the manufacture of high-performance corrugated board; and Coreboard and Cores, which trades under the name Corenso and is a leading international manufacturer of high performance coreboard and cores, with coreboard mills in the United States and Europe and a network of core producing facilities in Europe, North America and China.
Nordic semi-chemical fluting is made from locally soured birch and boxes manufactured using it demonstrate superior strength and moisture resistance and are used for transportation of fruit and vegetables, high-value industrial goods such as electrical appliances and automotive components. The Kuopio mill is one of only three suppliers of Nordic semi-chemical fluting in Europe.
Cores and coreboard are manufactured from recycled paper and are used for applications in paper, packaging, textiles, steel, aluminium and many other industries. Coreboard and cores produced by Corenso demonstrate superior strength and rigidity and are suitable for use in the most demanding applications.
For further information, please visit www.powerflute.com.