3rd Sep 2009 07:00
3 September 2009
Low & Bonar PLC
("Low & Bonar" or the "Group")
Management Changes and Trading Update
Low & Bonar, the international performance materials group, announces that it has appointed Steve Good as Group Chief Executive with immediate effect. This follows the resignation of Paul Forman who is leaving Low & Bonar after seven years to become CEO of Coats plc, the global leader in sewing thread and needlecraft products. He will remain as a Director of Low & Bonar until 31 October 2009. The Board would like to thank Paul for his considerable achievements during his period with the Group and wish him every success in his new role.
The Board has developed a strong team around Paul and, as part of that team, Steve Good has been Managing Director of the Technical Textiles Division since 2006. He has played a major part in the development of the division into the Group's single business activity, including the acquisition and integration of Colbond in 2006 and Mehler Texnologies in 2008. The turnover of this activity has grown from £60m in 2004 to £335m in 2008.
Steve will continue to be supported by Kevin Higginson, who has been Group Finance Director since 2006 and has many years PLC experience.
Steve Good joined Low & Bonar in 2004 serving first as the Managing Director of its Plastics Division until its sale in 2005, and then as Director of New Business helping to shape the Group's strategy. Since 2006 he has been Managing Director of the Technical Textiles Division which has been the sole business activity of Low & Bonar since the disposal of the Floors Division in 2008. Prior to joining Low & Bonar he spent ten years with Clariant (formerly BTP plc) in a variety of leadership positions managing international speciality chemical businesses. He is a chartered accountant.
Trading update
The encouraging improvement in sales patterns seen in the period up to 13 July, the date of our Interim results announcement, has been maintained. Due to the normal seasonal patterns within the business the Board continue to expect second half profit to be materially improved compared to the first half.
The Group expects to make an Interim Management Statement in mid October.
Duncan Clegg, Chairman of Low & Bonar, said:
"I would like to thank Paul for his major contribution over the last seven years in revitalising and reorientating the Group and transforming it into a leading player in the diverse and fast-growing performance materials market. He leaves the business not only in very good shape but also with a strong management team to succeed him. We wish him well for the future."
"We are delighted with Steve's appointment and the Group will continue to benefit from his broad-ranging experience and depth of knowledge developed over the last 15 years. His appointment will ensure a smooth transition as the Group continues to pursue its strategy of developing leading global positions in its chosen niche markets for performance materials."
There are no details to be disclosed under Rule 9.6.13 of the Listing Rules.
Ends
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For further information, please contact: |
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Low & Bonar PLC |
+44 (0)20 7535 3180 |
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Duncan Clegg, Chairman |
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Kevin Higginson, Group Finance Director |
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Hogarth Partnership Limited |
+44 (0)20 7357 9477 |
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Andrew Jaques / Rachel Hirst / Ian Payne |
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