Cookson Group PLC Directorate Change (0497S)
27 November 2012 - 6:02PM
UK Regulatory
TIDMCKSN
RNS Number : 0497S
Cookson Group PLC
27 November 2012
27 November 2012
Appointment of Finance Director of Alent plc
Cookson Group plc ("Cookson") announced on 1 November 2012 that
the Performance Materials division is to be demerged to form a new
London listed specialty chemicals company, Alent plc ("Alent").
These proposals were approved by the Court Meeting and the General
Meeting of Cookson Shareholders on 26 November 2012 and the
demerger is expected to become effective on 19 December 2012.
Cookson announces today that David Egan will become Finance
Director of Alent with effect from 1 January 2013.
Mr Egan is currently the Chief Financial Officer at ESAB, which
was the largest division of Charter International plc which was
itself acquired by Colfax Corporation in 2012.
Prior to joining ESAB in 2008, Mr Egan was Group Financial
Controller of Hanson plc based in London, and prior to that Chief
Financial Officer, Hanson Asia Pacific based in Singapore. He has
extensive international experience of businesses in Europe,
including the Russian Federation, Asia, Australasia, and the
Americas.
Mr Egan is a qualified Certified Practicing Accountant (CPA),
Australia and is a dual British and Australian citizen.
Peter Hill, Chairman designate of Alent, said:
"I look forward to welcoming David, with his wealth of
experience in senior and international finance roles, to Alent's
board. His appointment completes the line-up of what I believe will
be a strong and experienced Board, with the depth and mix of skills
to maximise the opportunities for Alent and its shareholders, as a
stand-alone company."
As previously announced, Mike Butterworth, currently Group
Finance Director of Cookson, will act as Interim Finance Director
for Alent from listing until 1 January 2013.
No disclosure obligations arise under paragraphs (1) to (6) of
LR 9.6.13 R of the UK Listing Authority's Listing Rules in respect
of this appointment.
Ends
For further information please contact:
Shareholder/Analyst Enquiries:
Steve Corbett, Chief Executive designate,
Alent plc
Mike Butterworth, Interim Finance Director,
Alent plc +44 (0)20 7822 0064
Frances Gibbons, Investor Relations Manager, +44 (0) 7850 880868
Alent plc fgibbons@cookson.com
Media Enquiries:
John Olsen/Ian Payne
MHP Communications +44 (0)20 3128 8100
About Alent plc:
Alent will comprise what is currently the Performance Materials
division of Cookson, a leading global supplier of advanced surface
treatment plating chemicals and electronics assembly materials.
Alent's principal end-market is global electronics production,
accounting for approximately three quarters of revenue, with the
other quarter represented by the automotive and other industrial
markets.
Alent will be organised into two business segments:
-- Assembly Materials, trading as Alpha and supplying electronic
interconnect materials to assemblers of printed circuit boards
(PCBs) and the semiconductor packaging industry
-- Surface Chemistries, trading as Enthone and supplying
specialty electroplating chemicals and services for use in
semiconductors and PCB fabrication, as well as corrosion
resistant/decorative coatings for various industries, particularly
the automotive industry.
Alent had net sales value of GBP418 million and an adjusted
trading profit of GBP96 million in the year ended 31 December 2011.
The net sales value was split broadly one third in each of Europe,
Asia and the Americas.
Alent is present in over 100 countries and has over 2,500
employees and 23 manufacturing sites worldwide. This enables Alent
to supply its customers with highly engineered and customised
specialty chemicals and materials on a just in time basis from its
strategic locations around the world.
Alent's Board will comprise:
Peter Hill CBE Non-Executive Chairman
Steve Corbett Chief Executive
David Egan Finance Director
Dr Emma FitzGerald Non-Executive
Lars Förberg Non-Executive
Noël Harwerth Non-Executive; Chairman of the Remuneration Committee
Jan Oosterveld Non-Executive
Mark Williamson Non-Executive; Senior Independent Director; Chairman of Audit Committee
This information is provided by RNS
The company news service from the London Stock Exchange
END
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