REG - Coral Products PLC - Purchase of Assets <Origin Href="QuoteRef">CRU.L</Origin>

Coral ProductsAnnouncement

24/03/2017 07:01

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 600,000. 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 Limited
Tel: 07515 587 184
PR
Richard Pearson

This information is provided by RNS
The company news service from the London Stock Exchange
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