4th Nov 2011 07:00
Press Release | 4 November 2011 |
Sorbic International plc
("Sorbic" or the "Company")
Update on New Facility
Sorbic International plc (AIM:SORB), the third largest sorbates producer in China, is pleased to announce the soft opening of its new facility in Inner Mongolia on 3 November 2011. The new facility will increase the Company's production capacity from 7,500 to 15,000 tonnes per annum when both lines (1 sorbic acid line and 1 potassium sorbate line) are in operation.
The majority of the buildings have now been completed, with the potassium sorbate machinery and equipment installed and full production for this line is planned for spring 2012. The sorbic acid line will resume installation in spring next year and is expected to commence full production in summer 2012.
Work started on the Company's new production facility in Ulanqab City, Inner Mongolia, in April 2010. To demonstrate the level of progress over the past 12 months, the Company has attached as a PDF file a selection of pictures of the new 66 acre site, of which approximately 40% has been developed for the current two new lines, with the remainder available for expansion for a further six lines. The pictures are also available to view on Sorbic's website at www.sorbicinternational.com/media/.
John McLean, Chairman of Sorbic International, commented: "The Board is pleased with the progress and with the soft opening of the new facility; this is an important development for the Company as we prepare for full production starting in 2012. The additional capacity, which the new facility will provide, will underpin the Company's growth going forward."
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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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