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: 0114 257 3622
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: 020 7894 8337
Adviser and Broker)
Philip Davies / Will Goode
Tavistock
Simon Hudson Tel: 020 7920 3150
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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END
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