Camellia PLC AKD Engineering Limited (5180J)
April 07 2015 - 9:43AM
UK Regulatory
TIDMCAM
RNS Number : 5180J
Camellia PLC
07 April 2015
7th April 2015
Camellia Plc
(the "Company")
Closure of AKD Engineering Limited ("AKD Engineering")
The Company announces that its wholly owned subsidiary, AKD
Engineering, has today announced its intention to close with effect
from the end of June 2015. The decision to close the business has
been made reluctantly following several years of substantial
losses, which have been further compounded by the current downturn
in the Oil and Gas sector.
AKD Engineering's loss before taxation for the year ended 31
December 2014 is expected to be approximately GBP7.7 million (2013
- loss of GBP5.5 million).
Camellia Plc 01622 746655
Malcolm Perkins, Chairman
Julia Morton, Company Secretary
Charles Stanley Securities (Nominated Adviser and Broker)
020 7149 6000
Russell Cook
Carl Holmes
Notes for editors
AKD Engineering is a wholly owned subsidiary of Camellia Plc and
employs 113 staff at Horn Hill, Lowestoft. It has been in operation
for 60 years, originally manufacturing diesel engines for the local
ship building industry, before becoming an engineering services
provider to the Oil and Gas industry.
Camellia Plc (CAM.L) is a global agriculture and horticulture
group, whose activities also extend to engineering, food storage
and distribution, banking and financial services. The Company
employs approximately 75,000 people globally.
The agriculture and horticulture division is engaged in the
production of tea, edible nuts (macadamias, pistachios and
almonds), citrus fruits, avocado, rubber, forestry, viticulture,
cattle, other horticultural produce and general farming (maize and
soya). The Company is one of the largest private tea producers
world-wide with a total of 65 tea estates and 60 tea factories. The
Company's main operations are in India, Bangladesh, Malawi and
Kenya, where the tea is grown and produced. It also has notable
agricultural operations, other than tea, in Brazil, California,
Kenya, South Africa and Malawi.
The engineering division is engaged in precision engineering,
cutting and grinding, fabrication, heat treatment, galvanising,
powder coating and manufacture of stables, etch inspection and
catalysts. These businesses are predominately UK based and serve
customers in a number of sectors including the offshore oil and gas
and aerospace sectors.
The food storage and distribution division is involved in
frozen, chilled and ambient temperature food supply chain
management providing cold storage, refrigerated transport and
production support to several leading UK food manufacturers. It
also specialises in frozen imports and distributes seafood products
in Europe and supplies food service customers in the Netherlands
with fish products.
The banking and financial services division comprises Duncan
Lawrie, which provides an integrated suite of banking services,
financial planning, investment management and trust and estate
advice.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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