Posted 27 April 2010
Akcros agrees new banking agreement with RBS
The Akcros Board is pleased to confirm the appointment of RBS to replace its current finance facility. Chairman Thomas Engelen says "This underlines the strength of recovery within Akcros following the financial downturn in 2009, recovery in the US and global markets will further reinforce our position".
The business has been focusing on growth in new product lines and exiting some older technologies, bringing an improvement to top and bottom line performance. "The Akcros team has continued to believe in this strategy despite the 2009 global issues and the results are now reflecting this. We have a revitalised product portfolio for REACH with new application areas contributing well to the overall growth plan. Strategic manufacturing decisions and sound investments have resulted in a simplified structure with capabilities enhanced on a global basis", says CEO Richard Catchpole.
Mike Charnock, FD, who led the negotiations for refinancing confirms "our swift recovery from the economic downturn and profitable trading in a tough year has allowed us to work with RBS on a finance package that provides us with security and flexibility to achieve our objectives for this business".
Richard Catchpole, CEO
20th April 2010
