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Plastics Capital PLC (SYN)

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Monday 14 July, 2014

Plastics Capital PLC

Major Bearings Projects Update

RNS Number : 1424M
Plastics Capital PLC
14 July 2014
 



14 July 2014

 

 

 

Plastics Capital plc

("Plastics Capital" or the "Group")

 

Major Bearings Projects Update

 

Plastics Capital (AIM: PLA), the niche plastics products group, announces that it has successfully converted a major design project in its plastic bearings division.

 

The conversion of the design project and the tooling order now received represents a major commitment from a tier one automotive manufacturer for the production of tooling which will lead to the supply of lower steering column bearings over a 7 to 10 year period.  High volume production is expected to commence in the first half of the next financial year. Sales are expected to reach more than £0.5m on an annualised basis and lifetime sales for the project are expected to be in excess of £4.0m.

 

Commenting, Faisal Rahmatallah, Executive Chairman, said:

 

"This major project win is indicative of what we can achieve in the bearings division with a number of large opportunities that are currently with our design engineering team.  It is particularly significant as conversion of these major projects will drive significant revenue and profit growth over the long term in this division. We anticipate that other major projects of similar scale will convert in this division during the next 12 months. "

 

Plastics Capital plc

Tel: 020 7978 0574

Faisal Rahmatallah, Executive Chairman


Nick Ball, Finance Director




Cenkos Securities

Tel: 020 7397 8900

Stephen Keys

Mark Connelly




Allenby Capital Limited

Tel: 020 3002 2074

Katrina Perez


Kelly Gardiner




Walbrook PR Ltd

Tel: 020 7933 8780/[email protected]

Paul Cornelius

Mob: 07866 384 707

Helen Cresswell

Mob: 07841 917 679



 



Notes to Editors

Plastics Capital is a consolidator of plastics products manufacturers focused on proprietary products for niche markets.  The Group has four factories in the UK, one in Thailand, two in China and sales offices in the USA, Japan, China and India.  Approximately 60 per cent of sales are exported to over 80 countries worldwide.  Production is concentrated in the UK where significant engineering know-how and automation underpins the Group's competitiveness.  The Group has approximately 350 employees.

 

Further information can be found on www.plasticscapital.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
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