New Factory Lease Agreement Signed

RNS Number : 1261G

Optare PLC

06 May 2011

 



Optare plc

("Optare" or the "Company")

New Factory Lease Agreement Signed

The Board is pleased to announce the signing of the lease agreement to secure its new factory in North Yorkshire.

The Company has agreed a 17 year lease for a 140,000 square foot factory at Sherburn in Elmet 11 miles from the current Optare site at Crossgates in Leeds. Optare plans to commence production in the new facility from September this year.

Jim Sumner, CEO, says the move is a culmination of a focused strategy during the turnaround to consolidate manufacturing into a single modern facility to increase capacity and reduce fixed costs, "This will support Optare's current record order book and future growth plans including the company's increasing level of export activity."

For further information please contact:

Optare plc                              Tel: [phone]

Jim Sumner - Chief Executive

Cenkos Securities plc         Tel: [phone]

Stephen Keys/Camilla Hume   

 

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