Property Acquisition

RNS Number : 4201C

Pressure Technologies PLC

19 January 2015

 

                                19 January 2015

Pressure Technologies plc

Property Acquisition

Pressure Technologies plc (the "Company") is pleased to announce that it has completed the acquisition of the freehold land and buildings at Meadowhall Road, Sheffield (the "Property") where the Company's subsidiary, Chesterfield Special Cylinders has been operating since July 2005 and where Chesterfield Biogas is also based. The Company has paid £3,360,000 for the Property, inclusive of £160,000 stamp duty which is funded from the Company's exisiting debt facilities.

Alan Wilson, Chairman of Pressure Technologies, commented: "We are delighted to have concluded the acquisition of the Property, which will result in cost savings as well as providing long-term operational certainty and flexibility for Chesterfield Special Cylinders and Chesterfield BioGas."

For further information, please contact:

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

COMPANY DESCRIPTION

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 four divisions, Precision Machined Components, Cylinders, Engineered Products and Alternative Energy, serving four markets: oil and gas, defence, industrial gases and alternative energy.

Precision Machined Components

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

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

·      Quadscot, acquired in October 2014 www.quadscot.co.uk

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.kelleygtm.com

Engineered Products

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

Alternative Energy

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

·      Greenlane, acquired in October 2014 www.greenlanebiogas.com

 

END

 

 

ACQBFMATMBBBBFA