CML plans for new business hub at Oval Park

RNS Number : 5341A

CML Microsystems PLC

26 September 2022

 

26 September 2022

CML Microsystems Plc

("CML", the "Company" or the "Group")

CML plans for new state of the art business hub at Oval Park

CML Microsystems Plc, which develops mixed-signal, RF and microwave semiconductors for global communications markets, is pleased to announce plans to create significant and sustainable employment opportunities at its current 29-acre site located at Oval Park, Maldon.

On 5 July 2022, the Company announced in its final results that its Oval Park site is designated employment land in the Maldon District Plan and part of this land is excess to CML's trading requirements, which had led the Company to sign sale contracts with two separate parties, subject to them gaining appropriate planning permission for development on approximately 13 acres of land. A series of planning applications have now been submitted to Maldon District Council to create a state-of-the-art business park hub and additionally the site will house two world leading organisations in their respective fields, Maldon Crystal Salt company and Tecniq, whose relocation to the site will provide the corner stone of the development.

The transformation of the 29-acre brownfield Oval Park site, which CML has owned for over 20 years, into an exciting new business development with spacious offices, warehousing and world-class R&D facilities is expected to bring over 200 jobs to the district by 2024 and potentially many more in the next few years.

The development of the site marks a milestone in the Group's strategy to dispose of excess land where it is in shareholders' interests to do so.

Subject to planning permission, work is due to start on the site in 2023.

Nigel Clark, Chairman of CML Microsystems commented :

"The creation of a state of the art business park coupled with the relocation of the Maldon Salt Company and Tecniq, two world leading organisations in their respective fields, co-locates a trio of quality British companies providing the corner stone of the development - the best of British. The development of the Business Park provides other organisations the opportunity to join us and locate to Oval Park, attracting further investment into the Maldon District whilst also providing local companies the opportunity to raise their profile."

About Maldon Salt

Maldon Salt is the UK's leading salt brand, founded in Maldon in 1882. Maldon is a Royal Warrant holding family run business, dedicated to investing in its number one asset, its people. Exporting to over 60 countries around the world, Maldon is dedicated to its CSR mission and is a World Land Trust partner. Maldon has ambitious, innovative growth plans and has produced successful, sustainable year and year growth.

About Tecniq

Tecniq is a world class design and technology lead manufacturing company, with a 20-year pedigree working for car manufacturers worldwide, including Aston Martin, Bentley, Porsche Singer and Tesla. Tecniq is proud of its global reputation for combining creativity, innovation and craftmanship. Tecniq has grown rapidly in the past six years and is looking to grow its team to over 200 people by the end of 2022, including by investing in training and apprenticeships for current and new workers and is currently working alongside the University of East Anglia on graduate placements.

CML Microsystems Plc Chris Gurry, Group Managing Director Nigel Clark, Executive Chairman	www.cmlmicroplc.com   Tel: [phone]
Shore Capital (Nominated Adviser and Broker) Advisory Toby Gibbs James Thomas John More  Corporate Broking Fiona Conroy	Tel: [phone]
Alma PR Josh Royston Andy Bryant Matthew Young	Tel: [phone]

About CML Microsystems PLC

CML develops mixed-signal, RF and microwave semiconductors for global communications markets. The Group utilises a combination of outsourced manufacturing and in-house testing with trading operations in the UK, Asia and USA. CML targets sub-segments within Communication markets with strong growth profiles and high barriers to entry. It has secured a diverse, blue chip customer base, including some of the world's leading commercial and industrial product manufacturers.

The spread of its customers and diversity of the product range largely protects the business from the cyclicality usually associated with the semiconductor industry. Growth in its end markets is being driven by factors such as the appetite for data to be transmitted faster and more securely, the upgrading of telecoms infrastructure around the world and the growing prevalence of private commercial wireless networks for voice and/or data communications linked to the industrial internet of things (IIoT).

The Group is cash-generative, has no debt and is dividend paying.

 

END

 

 

UPDSEAFMLEESEDU