New Bank Facilities

RNS Number : 1119T

Pressure Technologies PLC

01 October 2014

 

1 October 2014

Pressure Technologies plc

("Pressure Technologies", the "Company" or the "Group")

New Bank Facilities

Pressure Technologies is pleased to announce that it has agreed new bank facilities with Bank of Scotland, part of Lloyds Banking Group the Company's current bankers. The facilities comprise a £15.0 million multi-currency revolving credit facility, available to the Company until 30 September 2018. In addition, the new facility also contains an accordion feature that allows the total revolving credit facility to expand by a further £10.0 million.

Alan Wilson, Chairman of Pressure Technologies, said: "We are delighted to have secured these new facilities on competitive terms, which provide Pressure Technologies with further capacity and firepower to support the growth of the Group, both organically and through acquisition."

For further information, please contact:

Pressure Technologies plc John Hayward, Chief Executive James Lister, Group Finance Director	Tel: [phone] www.pressuretechnologies.com
Tavistock Communications Catriona Valentine / Emma Blinkhorn	Tel:  [phone]
Charles Stanley Securities (Nomad and broker) Philip Davies / Carl Holmes	Tel:  [phone]

.Ends.

Company description - www.pressuretechnologies.com

With its head office in Sheffield and its origins going back to 1897, Pressure Technologies is a growing, profitable, dividend paying, AIM listed, leading designer and manufacturer of speciality engineering solutions for high pressure systems serving large global markets. The company is building a highly profitable group of companies, specialising in technology for the containment and control of liquids and gases in pressure systems through a combination of organic initiatives and acquisitions.

Pressure Technologies has three divisions, Cylinders, Engineered Products and Alternative Energy, serving four markets: oil and gas, defence, industrial gases and alternative energy.

Cylinders

·   Chesterfield Special Cylinders, Sheffield, IPO cornerstone in 2007 www.chesterfieldcylinders.com

·   Kelley GTM Manufacturing, Amarillo - 40% stake acquired by the Group in December 2013 with an option to acquire a further 40% in 2015 www.kellygtm.com

Engineered Products

·   Al-Met, Mid Glamorgan, acquired in 2010 www.almet.co.uk

·   Hydratron, Manchester and Houston, acquired in 2010 www.hydratron.co.uk

·   Roota Engineering Limited, Rotherham, acquired in March 2014 www.roota.co.uk

Alternative Energy

·   Chesterfield BioGas Limited, Sheffield, founded in 2008 www.chesterfieldbiogas.co.uk

·   Greenlane Biogas Holdings Limited, founded in 1986  www.greenlanebiogas.com

 

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