Corporate News

Directorate Change

The Board of Molins PLC, the global packaging solutions group, announces the appointment to the Board of Jim Haughey, who will succeed David Cowen as Group Finance Director.

 

Jim, a Chartered Accountant, has spent the last seven years with Bodycote plc as Group Financial Controller, where he played an important role in the management of three significant US acquisitions.  He previously held senior financial positions at FKI PLC, Bridon PLC and Certex Europe. He began his career at Touche Ross in 1988 before joining Bridon as Assistant Group Financial Controller in 1992.

 

Jim's appointment will take effect on 25 November 2017 and will further strengthen the executive leadership as it focuses on the delivery of the Company's strategic objectives set out earlier this year.

 

David Cowen will, following completion of the sale of the Instrumentation & Tobacco Machinery division, step down from the Board and leave the Company on 30 September 2017 after serving 18 years to pursue new challenges. He has agreed to remain on hand for approximately three months thereafter to effect an orderly handover of his responsibilities.

 

Phil Moorhouse, Chairman of Molins PLC, commented:

 

''It is a great pleasure to welcome Jim to Molins. His extensive financial, M&A and international experience at a senior level will be extremely valuable as Molins looks to execute its long term growth strategy.

 

''I would also like to thank David Cowen for his valued contribution to Molins over the last 18 years and we wish him all the very best for the future.''

 

For further information, please contact:

 

Molins PLC

Phil Moorhouse, Chairman

Tony Steels, Chief Executive

 

Tel: +44(0)1908 246870

Panmure Gordon (UK) Limited (NOMAD)      

Andrew Potts, Peter Steel – Corporate Finance

James Stearns – Corporate Broking

 

Tel: +44(0)20 7886 2500

Hudson Sandler

Nick Lyon, Jasper Bartlett

 

Tel: +44(0)20 3178 6378


 

Holding(s) in Company 28 Jun 17

Notification of major interest in shares 28 June 2017

Result of General Meeting

Result of General Meeting

Molins PLC, the global packaging solutions group, announces that the resolution put to shareholders at the General Meeting of the Company held today in respect of the proposed sale of its Instrumentation & Tobacco Machinery division was duly passed. Completion of the transaction is dependent on the satisfaction of certain conditions, including certain registrations to be made in overseas jurisdictions being effected, the timing of which is not within the control of the Company. A date of 31 July 2017 for completion is being targeted.

 

For further information, please contact:

Molins PLC

Tony Steels, Chief Executive

David Cowen, Group Finance Director         

Tel: +44(0)1908 246870

Panmure Gordon (UK) Limited (NOMAD)      

Andrew Potts, Peter Steel – Corporate Finance

James Stearns – Corporate Broking

Tel: +44(0)20 7886 2500

 

Hudson Sandler

Nick Lyon, Jasper Bartlett

Tel: +44(0)20 3178 6378

Half-Year Trading Update & Sale of Property in Canada

Half-Year Trading Update

 

The Company announces the following trading update ahead of its unaudited interim results for the six months ending 30 June 2017 to be announced in September 2017.

 

As described in the shareholder circular dated 8 June 2017 (“Circular”) regarding the Proposed Sale of the Instrumentation and Tobacco Machinery division (“I&TM”), Molins entered the 2017 financial year with an order book that was substantially stronger than at the start of 2016, with the increase arising in the Packaging Machinery division.  The first part of the year has resulted in order intake in all parts of Molins being at levels ahead of the same period last year.  In particular, order intake in the Continuing Group (i.e. excluding I&TM) at the end of May 2017 was considerably ahead of order intake for the same period last year.  Trading is as expected and ahead of last year in all parts of the Continuing Group.

 

Sale of Property in Canada (“Sale”)

Molins PLC’s Canadian subsidiary company, Langen Packaging Inc (“Langen”), entered into an unconditional agreement on 16 June 2017 to sell its manufacturing facility at 6154 Kestrel Road, Mississauga, Ontario to BuildCorp Limited, a company incorporated in Canada, for a gross consideration of C$11.7 million (£6.7 million) payable in cash on completion (save that a deposit has been paid of C$0.5 million (£0.3 million)).  Net proceeds, after fees and taxes, are expected to be approximately C$10.2 million (£5.9 million).  The book value of the asset subject to the Sale as at 31 December 2016 was C$2.6 million (£1.5 million).  Completion of the transaction is expected to take place by the end of November 2017.

 

Langen is to enter into a 10 year contract to lease a newly built facility, approximately 8 miles from its current location, still in Mississauga, Ontario, from an independent third party at an annual cost of approximately C$0.6 million (£0.35 million).  The lease term and payments will commence from 1 November 2017.  Langen is expected to start its move into the new building in the fourth quarter of the year, to coincide with its departure from its existing building.  Langen is expected to spend approximately C$1.7 million (£1.0 million) to adapt the building to its needs.

 

The balance of the proceeds from the Sale is expected to be used for the development of the Company in line with its strategic objectives.

 

Tony Steels, Molins Chief Executive, commented:

“The new facility will provide Langen with a superb new environment from which to operate, including a customer showroom to showcase our capabilities and assembly and acceptance facilities that will enable Langen to serve its customers even more effectively, whilst providing our employees with a workplace to be proud of.  This will be a platform for growth to assist in our strategic objectives in the Americas.”

 

  

 

For further information, please contact:

Molins PLC

Tony Steels, Chief Executive

David Cowen, Group Finance Director

Tel: +44(0)1908 246870

 

Panmure Gordon (UK) Limited (NOMAD) 

Andrew Potts, Peter Steel – Corporate Finance

James Stearns – Corporate Broking

Tel: +44(0)20 7886 2500

 

Hudson Sandler

Nick Lyon, Jasper Bartlett

Tel: +44(0)20 3178 6378