Last checked at 27 Aug 2015 07:01
Pressure Technologies plc
27 August 2015
BOARD CHANGES
Pressure Technologies plc (the "Company") is pleased to announce that Brian Newman has been appointed to the Company's Board as a Non-Executive Director with effect from 1 September 2015.
Nigel Luckett, who has been a Non-Executive Director of the Company since its admission to AIM in 2007, will retire from the Board on 31 August 2015.
Brian Newman is a Chartered Engineer with a degree in Engineering from Cambridge University and an MBA from Penn State University, USA. Brian is currently a Non-Executive Director with Teknomek Ltd, Shrewsbury and Telford Hospital NHS Trust and a number of other organisations. He has been a Divisional Director at two FTSE 100 companies, latterly at Melrose plc as EMEA Managing Director at its subsidiary, Bridon International Group. Prior to that he spent nine years as a Divisional Managing Director at international engineering group GKN plc, with responsibility for its global Wheels and Axles Divisions. He has also previously served on the boards of two listed companies.
Alan Wilson, Chairman, said: "On behalf of the Directors, I would like to thank Nigel for his valuable contribution to the group, which has grown significantly since his appointment in 2007 and we wish him well for the future. I welcome Brian to the Board. His experience with global engineering groups will be extremely valuable to Pressure Technologies as the Board continues its growth strategy."
Brian Morley Newman, aged 67, regulatory information:
Current directorships:
Teknomek Limited
Friars 577 Limited
Prestfelde School Limited
Prestfelde School Enterprises Limited
Beckbury Associates Limited
The Woodard Corporation Limited
Shrewsbury and Telford Hospital NHS Trust
There is no further information to be disclosed under Rule 17 or Schedule Two paragraph (g) of the AIM Rules for Companies.
For further information, please contact:
Pressure Technologies plc John Hayward, Chief Executive Jo Allen, Group Finance Director Keeley Clarke, Investor Relations | Tel: 0114 257 3616 www.pressuretechnologies.com |
Tavistock Simon Hudson | Tel: 020 7920 3150 |
Cantor Fitzgerald Europe (Nominated Adviser and Broker) Philip Davies / Will Goode | Tel: 020 7149 6942 |
COMPANY DESCRIPTION
Company description - www.pressuretechnologies.com
With its head office in Sheffield and its origins going back to 1897, Pressure Technologies is a growing, profitable, dividend paying, AIM listed, leading designer and manufacturer of speciality engineering solutions for high-pressure systems serving large global markets. The company is building a highly profitable group of companies, specialising in technology for the containment and control of liquids and gases in pressure systems through a combination of organic initiatives and acquisitions.
Pressure Technologies has four divisions, Precision Machined Components, Cylinders, Engineered Products and Alternative Energy, serving four markets: oil and gas, defence, industrial gases and alternative energy.
Precision Machined Components
· Al-Met, Mid Glamorgan, acquired in 2010 www.almet.co.uk
· Roota Engineering, Rotherham, acquired in March 2014 www.roota.co.uk
· Quadscot, acquired in October 2014 www.quadscot.co.uk
Cylinders
· Chesterfield Special Cylinders, Sheffield, IPO cornerstone in 2007 www.chesterfieldcylinders.com
· Kelley GTM Manufacturing, Amarillo - 40% stake acquired by the Group in December 2013 www.kelleygtm.com
Engineered Products
· Hydratron, Manchester and Houston, acquired in 2010 www.hydratron.co.uk
Alternative Energy
· Chesterfield BioGas, Sheffield, renamed Greenlane Biogas UK on 5 June 2015, founded in 2008
· Greenlane, acquired in October 2014 www.greenlanebiogas.com