Factory Relocation Complete

RNS Number : 0447R

Optare PLC

31 October 2011

 



Optare plc

("Optare" or the "Company")

Factory Relocation Complete

Optare is pleased to confirm that the transfer of production from the former Leeds site to the new plant in Sherburn in Elmet has now been successfully completed.

In addition, the Board announces that it has signed a long term supply partnership  with WEC Group Ltd. ("WEC"), under which the production of bus structures is outsourced.  As WEC's factory is adjacent to the Company's new factory, structures will be delivered to Optare at the point they are needed in the build process thereby providing maximum benefit to the Company's working capital position.

Jim Sumner, CEO, said, "The relocation is the culmination of our focused strategy during the turnaround to consolidate manufacturing to a single modern facility to increase capacity and reduce fixed costs and heralds a major shift in the business from a 'coach building' model to a 'modern assembly' environment.  Now we are in the new factory we are looking forward to yielding the benefits of the increased efficiency."

For further information:

Optare plc                               Tel: [phone]

Jim Sumner - Chief Executive

Cenkos Securities plc        Tel: [phone]

Stephen Keys/Camilla Hume   

 

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