Appointment of CEO

API Group PLC
03 October 2007



3 October 2007

                               Appointment of CEO  
                             

API Group plc, the specialist packaging company, announced today that Andrew
Turner (44) has been appointed Chief Executive Officer with effect from 15
October and will join the Board on the same date.  


Andrew is a graduate mechanical engineer with an MBA and has over 14 years'
experience in the packaging sector. Most recently he was Global Vice President,
Marketing & Sales for the Tobacco Packaging sector of Alcan, the international
packaging group.  Prior to that, he was Divisional Managing Director with Field
Group plc, the printed paperboard packaging company, with responsibility for
operations in the UK, Germany and Spain.


Commenting on Andrew Turner's appointment, Richard Wright, the Non-executive
Chairman of API, said:
 

'Andrew has an excellent track record of transforming operational performance
and delivering profitable growth in international packaging businesses.  The
Board believes that his combination of manufacturing, commercial and leadership
skills are highly relevant to the challenges facing the Group, especially in
restoring the financial performance of underperforming European businesses and
successfully delivering a number of exciting growth projects which are already
underway.'

 

Andrew replaces David Walton who resigned as Chief Executive in August and the
Board anticipates a short handover period, supported by the Non-executive
Chairman.

 

There is no further information which is required to be disclosed under
paragraph 9.6.13 of the Listing Rules.


                                 Funding update                                 


The Group is making progress towards resolving its future funding requirements.
It is in constructive discussions with its principal bankers, Barclays Bank plc,
and has received a proposal from its two largest shareholders in respect of the
provision of additional debt and equity capital. The Board is considering this
proposal while also assessing all other options available to it. The Board
expects to make a further announcement in due course.


Ends

 

Enquiries

 
Richard Wright, Non-executive Chairman                        01625 858700
API Group plc                                                                 
                                                                          
Tim Spratt                                                    020 7831 3113
Nicola Biles
Financial Dynamics

 



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