26th Sep 2011 07:00
Press Release | 26 September 2011 |
Sorbic International plc
("Sorbic" or the "Company")
Completion of new facility and potassium sorbate line in Inner Mongolia
Sorbic International plc (AIM:SORB), the third largest sorbates producer in China, is pleased to announce that construction work at the Company's new facility and installation of the new potassium sorbate line in Ulanchabu City, Inner Mongolia will be completed by the end of September 2011 as scheduled.
Construction of the new facility began in April 2010. This new facility will increase the Company's production capacity from 7,500 to 15,000 tonnes per annum when both lines are completed.
The Company expects to begin the production of potassium sorbate and continue with the installation of the sorbic acid line in early spring 2012. The Company anticipates opening the sorbate plant in early November 2011 and full production of both potassium sorbate and sorbic acid is expected by summer of 2012.
John McLean, Chairman of Sorbic International, commented: "The Board is delighted to have reached this important step in the Company's development and looks forward to benefitting fully from the completion of the facility which will underpin Sorbic's growth prospects for the longer-term."
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For further information: | |
Sorbic International plc | Tel: +44 (0)7768 031 454 |
John McLean, Chairman | www.sorbicinternational.com |
PLUS Corporate Adviser, Nomad and Broker finnCap Limited | |
Geoff Nash / Ben Thompson (Corporate Finance) Simon Starr (Corporate broking) | Tel: +44 (0) 20 7600 1658 |
Media enquiries:
Abchurch Communications | |
Joanne Shears / Mark Dixon | Tel: +44 (0)20 7398 7709 |
www.abchurch-group.com |
Notes to Editors: www.sorbicinternational.com
About Sorbic International plc
Sorbic International's principal activity is the production and sale of the food preservatives Sorbic Acid and Potassium Sorbate from its base in Linyi City, Shandong Province, Peoples Republic of China. Approximately half of Sorbic International's production is sold to overseas markets, across 46 countries and half into the Chinese domestic market.
Sorbic Acid is a naturally occurring organic compound that is used in all kinds of foods for its anti-decomposition and anti-fungus function and also in grains, medicines, cosmetics, toothpaste, tobacco, animal feed, latex, paper-manufacturing and pesticides. Potassium Sorbate is used to inhibit moulds and yeasts in many foods, such as cheese, wine, yogurt, dried meat, baked goods, cosmetics and pharmaceuticals. Net assets at 31 March 2011 were £14.99 million.
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