Update on investigation into fatality

RNS Number : 7162O

Pressure Technologies PLC

11 February 2016

 

11 February 2016

Pressure Technologies plc ("the Group")

Update on Investigation into Fatality

As previously reported at the time of the preliminary results announced on 15 December 2015, there was a fatal accident at the Group's subsidiary Chesterfield Special Cylinders ("CSC") in June 2015. The inquest has now been held at Sheffield Coroner's Court. The Coroner directed the jury to return a narrative verdict which reflected the tragic facts of the accident. Our sympathies are with the family.

The management team at CSC is continuing to work closely, and co-operate fully, with the Health and Safety Executive's ongoing investigation into the accident. As disclosed in note 32 of our Annual Report 2015, this process is expected to continue at least through 2016.

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For further information, please contact:

Pressure Technologies plc John Hayward, Chief Executive Joanna Allen, Group Finance Director Keeley Clarke, Investor Relations	Tel: [phone] www.pressuretechnologies.com
Cantor Fitzgerald Europe (Nominated Adviser and Broker)	Tel: [phone]
Philip Davies / Rick Thompson / Michael Reynolds / Will Goode

COMPANY DESCRIPTION

Company description - www.pressuretechnologies.com

With its head office in Sheffield, Pressure Technologies was founded on its leading market position as a designer and manufacturer of high pressure systems serving the global energy, defence and industrial gases markets. Today it continues to serve those markets from a broader engineering base with specialist precision engineering businesses and has a worldwide presence in Alternative Energy as the global leader in biogas upgrading. On this foundation, the company is building a highly profitable group of companies 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, Glasgow, 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 www.kelleygtm.com

Engineered Products

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

Alternative Energy

·      Chesterfield BioGas, Sheffield, founded in 2008. Renamed Greenlane Biogas UK on 5 June 2015.

·      Greenlane, Vancouver, Canada and Auckland, New Zealand, acquired in October 2014 www.greenlanebiogas.com

 

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