Pressure Technologies PLC Board Changes (2248W)

TIDMPRES

RNS Number : 2248W

Pressure Technologies PLC

31 July 2018

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

31 July 2018

Pressure Technologies plc

("Pressure Technologies" or the "Group")

Board Changes

Pressure Technologies plc (AIM: PRES), the specialist engineering group announces that John Hayward has informed the Board of his decision to retire as Chief Executive Officer, and step down from the Board, with effect from 1 October 2018.

The Board is pleased to also announce that Chris Walters will become Chief Executive Officer of the Group with effect from 3 September 2018. John will work with Chris to ensure a smooth handover and to provide continuity for the Group.

Chris is a Chartered Engineer, with a Masters degree in Naval Architecture from Southampton University and an MBA from Imperial College, London. He is a Fellow of the Royal Institution of Naval Architects and The Institute of Marine Engineering, Science & Technology.

Chris has over 20 years of senior management experience gained whilst working for P&O Group and for Lloyd's Register of Shipping, where he held positions as Senior Vice President of the Oil & Gas services division and Operations Director of the Marine services division. More recently, Chris was CEO of TSC Inspection Systems, a private equity and VCT backed non-destructive testing technology and services business, where he led the growth and development of the group and achieved a successful sale for the investors.

Alan Wilson, Chairman, commented:

"John was a founding member of Pressure Technologies plc and has served the business for 21 years. He originally joined Chesterfield Special Cylinders in 1997 as Finance Director and went on to lead the Management Buy-Out of Chesterfield Special Cylinders in 2004 and the subsequent listing of the Group on AIM in 2007.

During his time, the Company has seen substantial change; including several acquisitions, a divestment and, most recently, the prolonged severe down-turn in the Global Oil & Gas industry which John managed to successfully navigate the Company through. The Board would like to thank John for his hard work, dedication and stalwart leadership during his time with us and wish him well for the future.

We are delighted to welcome Chris to the Company, particularly as he has an enviable track record of leading change and driving global growth of businesses in the Energy and Marine industries."

AIM disclosures

Christopher Lee Walters, aged 49, currently holds or has held the following directorships and partnerships in the last five years:

 
 Current directorships/partnerships   Past directorships/partnerships 
 Mablaw 555 Limited                    Lloyds Register of Shipping 
                                     -------------------------------- 
                                       Aquaso Limited (TSC Inspection 
                                        Systems) 
                                     -------------------------------- 
                                       Technical Software Consultants 
                                        Limited (UK) 
                                     -------------------------------- 
 

Mablaw 555 Limited, a company of which Christopher Walters is a director, voluntarily appointed a liquidator in July 2017 and this process is ongoing.

Aquaso Limited, a company of which Christopher Walters was a director, was dissolved by way of a voluntary strike-off in January 2018.

There is no other information that is required to be disclosed pursuant to Schedule 2 paragraph (g) or Rule 17 of the AIM Rules for Companies.

For further information, please contact:

 
  Pressure Technologies plc                  Tel: [phone] 
   Alan Wilson, Chairman                      www.pressuretechnologies.com 
   John Hayward - Chief Executive Officer 
   Joanna Allen, Chief Financial Officer 
   Keeley Clarke, Investor Relations 
  Cantor Fitzgerald Europe (Nominated        Tel: [phone] 
   Adviser and Broker) 
   Philip Davies / Will Goode 
 
 Tavistock 
 Simon Hudson                               Tel: [phone] 
 

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 components and 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 a global leader in biogas upgrading.

Pressure Technologies has three divisions, Precision Machined Components, Cylinders and Alternative Energy, serving four main markets: oil and gas, defence, industrial gases and alternative energy.

Precision Machined Components - www.pt-pmc.com

   --     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 
   --     Martract Limited, Barton-on-Humber, acquired in December 2016 www.martract.co.uk 

Cylinders

-- Chesterfield Special Cylinders, Sheffield, IPO cornerstone in 2007 and includes, CSC Deutschland Gmbh, which is based in Dorsten, Germany and Chesterfield Special Cylinders Inc. which is based in Houston, USA www.chesterfieldcylinders.com

Alternative Energy

-- Greenlane Biogas, Vancouver, Canada and Sheffield, UK; acquired in October 2014 www.greenlanebiogas.com

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July 31, 2018 02:02 ET (06:02 GMT)