TPG.L Regulatory News (TPG)

29 May 2014

CORAC GROUP PLC

Corac subsidiary ACI appoints new Managing Director

Corac Group plc announces the appointment of Simon Kings as Managing Director of its subsidiary Atmosphere Control International (ACI) with effect from 23 June 2014. Simon takes over from Steve Cassidy who retires on 31 July 2014 after almost 25 years with the business.

ACI, based in Portsmouth, is a leading technology company specialising in the design, manufacture and support of air purification equipment. Its primary focus is in the defence sector with applications for naval ships and submarines. Steve joined the company in 1989 as a Project Manager and became Managing Director in 2002. During his time with the business he led the development of a number of systems which have become standard fit for many submarine fleets, resulting in the company winning a Queen's Award for Export Achievement.

Simon joins ACI from Raytheon UK, where he was Business Development Director, specialising in C4Istar, Special Mission Aircraft, Force Protection and Weapon Systems. Simon is a former Naval Commodore, with 30 years service including commands of HMS Edinburgh (a Type 42 destroyer) and HMS Ocean (a helicopter carrier and assault ship, the RN's largest warship). As a Naval Aviator he had five years' front line service in Lynx Helicopters.

Ashore, he filled a number of key MoD posts, including Head of Maritime Capability, and was the Senior Responsible Owner of the UK's shipbuilding programme, ship sensors and weapons. This included the 2 new Aircraft Carriers, T45 Destroyer and T26 Frigate programmes, and responsibility for £2bn of Defence spending per annum.

Group Chief Executive Phil Cartmell commented

"I would like to thank Steve for all that he has done to build a leading defence supply business which since its acquisition in 2012 has become a key part of Corac Group's growth strategy.

"This is an exciting time for ACI and I am delighted to welcome Simon to the team. He brings a wealth of front line service experience plus deep understanding of the commercial defence supply sector. His ambition matches ours, and I look forward to working with him to drive growth both at home and in our chosen export markets, contributing to a very successful period for ACI and for Corac Group as a whole."

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NOTES TO EDITORS

Corac is a group of innovative UK based engineering companies, active in energy and environmental technologies. Group companies produce valuable solutions in compression systems, atmosphere management and heat exchangers for government, energy and industrial users. It has traded shares on the London Alternative Investment Market (AIM) since July 2001.