Purchase of Assets

RNS Number : 3992A

Coral Products PLC

24 March 2017

 

CORAL PRODUCTS PLC

("Coral" or the "Company")

Purchase of Assets

Coral Products PLC, is pleased to announce that it has completed the purchase of assets of ICM Ltd from its Administrators for a total consideration of circa £600,000.  The assets consist of various injection moulding machines some with robot handling, chillers, mixers and cranage. The assets will improve utilisation at our Haydock facility.

We can also announce that following a rigorous selection process our Haydock facility has been approved by two major multinational tier one automotive system suppliers to supply a number of components.  Whilst volumes are not yet formalised we confidently expect this to lead to substantial new business throughout our next financial year.

In addition, our recently announced bakery tray business is expected to increase substantially in the same period. Indeed we have now commissioned a second 750 tonne machine to cope with the demand.

The funding for these projects is from a mixture of 5 year asset financing and bank resources.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries:

Coral Products plc	Tel: [phone]
Joe Grimmond, Chairman
Cairn Financial Advisers LLP	Tel: [phone]
Nominated Adviser
Tony Rawlinson / Liam Murray
Daniel Stewart & Company plc	Tel: [phone]
Broker
David Lawman
Capital Markets Consultants Limited	Tel: [phone]
PR
Richard Pearson

 

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