30th May 2013 07:00
Press Release | 30 May 2013 |
Sorbic International plc
("Sorbic" or the "Company")
Update on Manufacturing Facilities and
Notice of Interim Results
Sorbic International plc (AIM:SORB), the third largest sorbates producer in China, today provides the following update on its manufacturing facilities.
As detailed in the announcement issued on 23 April 2013, the Board has been working towards finalising the details of the compensation package in relation to the Company's manufacturing facility in Ulanqab City, Inner Mongolia. The Company has subsequently been approached by local authorities in Linyi City with regards to a new, possibly more beneficial opportunity relating to the relocation of the Company's existing original facility in Linyi City, Shandong Province. In light of this approach, the Board has decided to await further detailed information on the new potential Linyi City compensation package that would be offered to the Company prior to concluding on the negotiations relating to the Inner Mongolia compensation package. The Board is keen to act in the best interests of its shareholders and, it will need to review this new opportunity fully prior to making a further update to the market.
The Company also announces that it will be announcing its Interim Results for the six months ended 31 March 2013 on Monday 17 June 2013.
- Ends -
For further information: | |
Sorbic International plc | Tel: +44 (0)7768 031 454 |
John McLean, Chairman | www.sorbicinternational.com |
finnCap | |
Geoff Nash / Ben Thompson Simon Starr (broking) | Tel: +44 (0) 20 7220 0500 |
Media enquiries:
Abchurch Communications | |
Henry Harrison-Topham / Joanne Shears | 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.
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