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Issued on behalf of Flowtech Fluidpower PLC |
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Friday, 23 October 2015 |
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Flowtech Fluidpower plc
(Flowtech, Group or Company)
Directorate change
Flowtech Fluidpower plc (Symbol: AIM: FLO) announces that Paul Watson, Flowtech's Group Marketing Director, steps down from the Board with immediate effect.
In September 2015, the Board announced that the Company had formed a specialist Power Motion Control Division (PMC) comprising of Primary Fluid Holdings, Albroco and Nelson Fluid Power, all of which were acquired since IPO in May 2014. This newly created divisional structure enables the operational teams at both the PMC and the Flowtechnology divisions to focus on their respective expertise/technical know-how, specific target markets, product offering and class-leading customer service. This approach is also creating new opportunities particularly for the Group's growing interest in the hydraulic equipment and components sector.
As part of this new structure, the Board concluded that a number of Group central functions are now better suited to being integrated into the divisional activities including the Group Marketing function. Consequently, Paul Watson, entered into consultation with the Company and has agreed to leave the Company today.
Chairman, Malcolm Diamond MBE said:
"On behalf of all stakeholders, the Company would like to thank Paul for his contribution to the Group over the last four years and wish him well for the future."
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Enquiries: |
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Flowtech Fluidpower plc AIM: FLO Sean Fennon, Chief Executive Officer Bryce Brooks, Chief Financial Officer Tel: 44 (0) 1695 52796 |
Zeus Capital Limited (Nominated Adviser and Broker) Andrew Jones / Ross Andrews Dominic King Tel: 44 (0) 20 3829 5000 |
TooleyStreet Communications (IR and media relations) Fiona Tooley Tel: 44 (0) 7785 703523 Email: fiona@tooleystreet.com |
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Editors' note: |
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Flowtech Fluidpower plc, The Group's headquarters are located in the UK where its main distribution centre is based in Skelmersdale, Lancashire. Founded as Flowtech in 1983, the business is the UK's leading specialist supplier of technical fluid power products with modern distribution facilities in the UK, Benelux and China. Flowtech offers an unrivalled range of Original Equipment Manufacturer (OEM) and Exclusive Brand products to over 3,600 distributors and resellers. Its catalogue is recognised as the definitive source for fluid power products, containing approximately 52,000 individual product lines and is distributed to more than 85,000 industrial Maintenance, Repair and Overhaul end users (MRO). Over 80% of product is stocked and ordered by 10pm, can be delivered next day in the UK, providing 'best in industry' service offering. The Power Motion Control Division (PMC) has operations in Merseyside; Northern Ireland and the Republic of Ireland. In total, the Group employs 270 people.
For more information please visit: www.flowtechfluidpower.com, or email: info@flowtechfluidpower.com |
This information is provided by RNS