1 Feb 2016 08:54
1 February 2016
Powerflute Oyj
Directorate Change
Powerflute Oyj ("Powerflute" or the "Company") announces that Dermot S Smurfit has resigned from his position as a non-executive Director of the Company with immediate effect.
Mr. Smurfit recently relocated to the United States in connection with his role as Chief Executive of GameAccount Network plc. As a consequence of this, he considers that he will no longer be able to devote appropriate time to his duties as a Director of Powerflute and accordingly, has decided to resign from this position. The Board has accepted his resignation with immediate effect and wishes to thank him for his contribution to the Company since his appointment in April 2010.
- Ends-
For further information, please contact:
Powerflute Dermot Smurfit (Chairman) Marco Casiraghi (CEO) David Walton (CFO)
|
c/o Oliver Winters, FTI Consulting +44 20 3727 1535 |
Numis Securities Mark Lander (Corporate Broking) Andrew Holloway / Jamie Lillywhite (Nominated Advisor)
|
+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 sourced 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.