Last checked at 12 Feb 2013 10:12
12 February 2013
Pressure Technologies plc
Board Changes
Pressure Technologies plc (the "Company") is pleased to announce that Alan Wilson has been appointed to the Board as Chairman.
Richard Shacklady announced his resignation from the role of Chairman at the Company's Annual General Meeting held earlier today. Richard will remain on the Board as a non-executive director until 31 March 2013.
Alan is a Chartered Engineer and a Member of the Royal Institution of Naval Architects. He has extensive experience in the Oil and Gas and Oilfield Services sectors, having held senior positions at Kvaerner Oil & Gas, The Weir Group Plc, CRP Limited and Trelleborg Offshore Limited.
John Hayward, Chief Executive, said: "Richard has successfully chaired the Company from its AIM flotation in June 2007. We are grateful for the contribution he has made and are pleased that he has agreed to remain on the Board to aid an orderly handover.
"On behalf of the directors, I welcome Alan to the Board. His experience will be particularly useful as we seek to identify complementary acquisition targets in the Oil & Gas and Oilfield Services sectors."
Alan James Stark Wilson, aged 55 - Regulatory Information
Current Directorships:
Alderley plc
TSC Inspection Systems Limited
Mablaw 555 Limited (holding company for TSC Inspection Systems Limited)
ICR Integrity Limited
Sha Lodge Freehold Company Limited
Killerfix Industries Limited
Rage Management Limited
Directorships held in the last 5 years:
Trelleborg Offshore Limited
Broomco 3054 Limited (holding company for CRP Limited)
There are no other matters which are required to be announced as required under paragraph (g) of Schedule 2 of the AIM Rules.
For further information, please contact:
Pressure Technologies plc John Hayward, Chief Executive James Lister, Group Finance Director
| Today: 020 7920 3150 Thereafter: 0114 242 7500 www.pressuretechnologies.co.uk |
Tavistock Communications Keeley Clarke
| Tel: 020 7920 3150 www.tavistock.co.uk
|
Charles Stanley Securities Nominated Adviser and Broker Philip Davies Carl Holmes
| Tel: 020 7149 6942 |
Company description:
Pressure Technologies is an AIM listed, leading designer and manufacturer of speciality engineering solutions for high pressure systems serving large global markets. The Group is organised into three divisions: Cylinders, Engineered Products and Alternative Energy.
Engineered Products: This division comprises Al-Met Limited ("Al-Met") and the Hydratron group of companies ("Hydratron").
Al-Met is a niche manufacturer of specialised, precision engineered valve wear parts used in the oil and gas industries, which was acquired by Pressure Technologies in February 2010. Its products are used in high-pressure choke and flow control valves, designed to regulate flow volumes in extremely demanding applications in the subsea and surface oil and gas industries. The business, which was established in 1985, has developed a leading edge capability in precision machining carbides, high grade stainless steels and super alloys.
Hydratron, acquired in October 2010, designs, manufactures and sells a range of air operated high pressure hydraulic pumps, gas boosters, power packs, hydraulic control panels and test rigs. Hydratron has sales and manufacturing companies in Altrincham, UK, and Houston, USA and a spread of third party distributors in key locations around the world. Formed in 1981, Hydratron has since established itself as a leading supplier of quality high pressure equipment to the oil and gas industries. The full range of Hydratron products may be viewed at www.hydratron.co.uk.
Cylinders: Chesterfield Special Cylinders Limited ("CSC") designs, manufactures and offers retesting and refurbishment services for a range of speciality high pressure, seamless steel gas cylinders for global energy and defence markets. The business is conducted under the "Chesterfield" brand which is a long established name in the cylinders and specialised pressure vessel market.
Alternative Energy: Chesterfield BioGas Limited was formed in November 2008 following the signing of a co-operation agreement with Greenlane® Biogas Limited, the world leader in biogas upgrading. This gives Pressure Technologies exclusive rights to market and manufacture Greenlane® equipment in the UK and Eire. Chesterfield BioGas provides turnkey solutions for the cleaning, storage and dispensing of biomethane for injection into the gas grid or use as a vehicle fuel.