Coral Products PLC Purchase of Assets (3992A)

TIDMCRU

RNS Number : 3992A

Coral Products PLC

24 March 2017

CORAL PRODUCTS PLC

("Coral" or the "Company")

Purchase of Assets

Coral Products PLC, is pleased to announce that it has completed the purchase of assets of ICM Ltd from its Administrators for a total consideration of circa GBP600,000. The assets consist of various injection moulding machines some with robot handling, chillers, mixers and cranage. The assets will improve utilisation at our Haydock facility.

We can also announce that following a rigorous selection process our Haydock facility has been approved by two major multinational tier one automotive system suppliers to supply a number of components. Whilst volumes are not yet formalised we confidently expect this to lead to substantial new business throughout our next financial year.

In addition, our recently announced bakery tray business is expected to increase substantially in the same period. Indeed we have now commissioned a second 750 tonne machine to cope with the demand.

The funding for these projects is from a mixture of 5 year asset financing and bank resources.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries:

 
 Coral Products plc             Tel: 07703 518 148 
 Joe Grimmond, Chairman 
 
 
 Cairn Financial Advisers LLP   Tel: 020 7213 0880 
 Nominated Adviser 
 Tony Rawlinson / Liam Murray 
 
 Daniel Stewart & Company plc   Tel: 020 7776 6550 
 Broker 
 David Lawman 
 
 Capital Markets Consultants    Tel: 07515 587 184 
  Limited 
 PR 
 Richard Pearson

This information is provided by RNS

The company news service from the London Stock Exchange

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March 24, 2017 03:00 ET (07:00 GMT)

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