31 October 2016
Essentra today announces the appointment of Paul Forman as Chief Executive, with effect from 1 January 2017
Further to the announcement of 29 July 2016, the Board of Essentra plc (“Essentra” or “the Company”) today announces the appointment of Paul Forman to the Board with effect from 1 January 2017, to succeed Colin Day as Chief Executive. Colin will stand down as Chief Executive with effect from 31 December 2016, and will retire from the Board and the Company following the Company's 2016 Annual General Meeting on 20 April 2017.
Paul brings a wide range of operational and strategic experience in international manufacturing to Essentra, including most recently at Coats Group plc (“Coats”) - the world's leading industrial thread manufacturer - where he has been Group Chief Executive since January 2010. Before joining Coats, Paul was Group Chief Executive of the global performance materials business Low & Bonar PLC, prior to which he was Managing Director of Unipart International, the leading European automotive aftermarket supplier. Since January 2015, Paul has also served as a Non-Executive Director of Tate & Lyle plc, and was previously a Non-Executive Director of Brammer plc from 2006 to 2010.
Commenting on today's announcement, Paul Lester, Non-Executive Chairman, said:
“On behalf of the Board, I would like to thank Colin for his outstanding contribution to the development and performance of Essentra over the last five years, and for his commitment and dedication during that time. Under his stewardship, both revenue and profits have more than doubled and, through rebranding the Company to Essentra, he led the creation of a single, unified organisation which is better able to maximise available growth opportunities and leverage its skills as a leading global supplier of essential components. Colin will work closely with Paul to ensure a smooth transition, and we wish him all the very best as he pursues his intention of focusing increasingly on Non-Executive activities.
I am delighted that Paul Forman is joining Essentra as Chief Executive. Paul brings a proven track record of international experience at the highest level - notably at Coats, where he has overseen company rationalisation as well as growth through acquisition, instigated and delivered a clear vision and corporate strategy, driven material improvements in financial performance and built the momentum to position the business as the innovative and global industry leader it is today. His prior experience as an adviser in strategy and acquisitions will also prove extremely relevant in the future evolution of Essentra. My fellow Board members and I look forward to working with him.”
Paul Forman added:
“I am excited to be joining Essentra, and very much look forward to working with my new colleagues to build on the success which the Company has achieved to date, with a view to delivering sustainable long-term shareholder value.”
Paul Forman has advised the Company that no other details are required to be disclosed under Listing Rule 9.6.13.
This announcement contains inside information.
Essentra plc
Joanna Speed, Corporate Affairs Director
Tel: +44 (0)1908 359100
Ogilvy PR London
James Stewart
Tel: +44 (0) 7342 068609
E-mail: james.stewart@ogilvy.com
About Paul Forman
2010 to date Group Chief Executive, Coats Group plc
2002 – 2009 Group Chief Executive, Low & Bonar PLC
1998 – 2002 Managing Director, Unipart International
1994 – 1998 Director of Strategy and Head of Asia, Caradon
1989 – 1994 The Kalchas Group
1988 – 1989 BZW Corporate Finance
1986 – 1988 Bain & Company
Essentra plc is a FTSE 250 company and a leading global provider of essential components and solutions. Essentra focuses on the light manufacture and distribution of high volume, enabling components which serve customers in a wide variety of end-markets and geographies.
The Components business is a global market leading manufacturer and distributor of plastic injection moulded, vinyl dip moulded and metal items. Operating units in 29 countries serve a very broad industrial base of customers with a rapid supply of products for a variety of applications in industries such as equipment manufacturing, automotive, fabrication, electronics and construction.
The Pipe Protection Technologies business specialises in the manufacture of high performance innovative products from commodity resins to engineering-grade thermoplastics and polymer alloys for use in a range of end-markets. Locations in four countries, combined with a wide distributor network, serve customers around the world.
Essentra Extrusion is a leading custom profile extruder located in the Netherlands which offers a complete design and production service. One of the first companies to extrude plastics in 1956, Essentra is now one of Europe's most advanced suppliers of co-extrusion and tri-extrusion to all branches of industry.
The Security business has access to a wide portfolio of products and services, including printers, software and consumables from leading manufacturers.
A leading global provider of packaging and authentication solutions to a diversified blue-chip customer base in the pharmaceutical, health & personal care, consumer and specialist packaging sectors. The business focuses on delivering value-adding innovation, quality and service through the provision of a wide range of printed products and solutions, including cartons, tapes, leaflets, foils, labels and authentication solutions.
The Speciality Tapes business has expertise in coating multiple adhesive systems in numerous technologies. With close to 3,000 adhesive products available for same-day shipping, Essentra's products can meet all high performance needs, from foam, magnetic, finger lift and acrylic high bond tapes to hook and loop and non-skid foam.
Essentra Filter Products is the only global independent cigarette filter supplier. The nine worldwide locations, including a dedicated Technology Centre supported by three regional development facilities, provide a flexible infrastructure strategically positioned to serve the tobacco industry. The business supplies a wide range of value-adding high quality innovative filters, packaging solutions to the roll your own segment and analytical laboratory services for ingredient measurement to the industry.
Essentra Porous Technologies is a leading developer and manufacturer of custom fluid handling components, engineered from a portfolio of technologies that includes bonded and non-woven fibre, polyurethane foam and porous plastics. Representing innovations used in healthcare, consumer and industrial applications, its enabling components are found in a wide range of products from medical diagnostics tests to advanced wound care pads, inkjet printer cartridges, writing instruments, clean room wipes and air fresheners.
Headquartered in the United Kingdom, Essentra's global network extends to 33 countries and includes c. 9,000 employees, 53 principal manufacturing facilities, 64 sales & distribution operations and 5 research & development centres. For further information, please visit www.essentraplc.com.