Posting of Circular

RNS Number : 3295Z

Flowtech Fluidpower PLC

13 March 2017

 

13 March 2017

Flowtech Fluidpower plc

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

Posting of Circular

Flowtech (AIM: FLO), the specialist technical fluid power products supplier, announces that further to the statement made by the Company on 10 March 2017 concerning the "Confirmation of successful £10 million fundraise subject to shareholder approval", the Company has today posted a circular to its shareholders convening a general meeting of the Company to be held at 11:00 a.m. on 29 March 2017 at the offices of DLA Piper UK LLP, 1 St Peter's Square, Manchester M2 3DE. The circular will also be made available on the Company's website at www.flowtechfluidpower.com.

For further information please visit www.flowtechfluidpower.com or contact:

Flowtech Fluidpower plc Sean Fennon, CEO Bryce Brooks, CFO	[phone]
Zeus Capital (Nominated Adviser & Joint Broker) Andrew Jones / Jonathan Sharp (Corporate Finance) Dominic King (Broking)	[phone]
finnCap (Joint Broker) Ed Frisby / Kate Bannatyne (Corporate Finance) Rhys Williams / Emily Morris (Sales and Broking)	[phone]
Media enquiries: TooleyStreet Communications Fiona Tooley	[phone]

About Flowtech Fluidpower plc:

Flowtech Fluidpower plc, founded as Flowtech in 1983, is the UK's leading specialist supplier of technical fluid power products.  The Group has three divisions: Flowtechnology, Power Motion Control and Process.  All three of the Group's divisions have overlapping product sets, allowing procurement synergies to be maximised.

The Flowtechnology division focuses on supplying distributors and resellers of industrial MRO (maintenance, repair and operation) products, primarily serving urgent orders rather than bulk offerings. It is formed from Flowtechnology UK, Flowtechnology Benelux and Indequip.  It offers an unrivalled range of Original Equipment Manufacturer (OEM) and Exclusive Brand products to over 3,400 distributors and resellers and the catalogues are recognised as the definitive source for fluid power products, containing 100,000 individual product lines and are distributed to more than 80,000 industrial Maintenance, Repair and Overhaul end users (MRO).  The Power Motion Control division specialises in the design, assembly and supply of engineering components and hydraulic systems and is further enhanced by a service and repair function.  The division is formed from Primary Fluid Power, Nelson Hydraulics, TSL Fluidpower and HTL. The Process division focuses on the supply of industrial components to the process sectors. 

The Group's main distribution centre is in Skelmersdale, Lancashire with further distribution centres in the Netherlands and China.  The Power Motion Control division (PMC) has operations in Merseyside, Northern Ireland, the Republic of Ireland, Yorkshire and Shropshire; Process operates from the West Midlands. In total the business employs 349 people.

 

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