Close
RNS Number : 6488Z
Pressure Technologies PLC
13 January 2020
 

13 January 2020

 

Pressure Technologies plc

("Pressure Technologies", the "Company" or the "Group")

 

Outcome of Sentencing Hearing

On 26 November 2019, Pressure Technologies (AIM: PRES), the specialist engineering group, announced that its subsidiary Chesterfield Special Cylinders ("CSC") had been found guilty of a charge brought by the Health & Safety Executive ("HSE") pursuant to Section 2 of the Health and Safety at Work Act 1974 following the fatal accident in June 2015.

The sentencing hearing was held today at Sheffield Crown Court, during which a fine of £700,000 was determined and prosecution costs of £169,498.82 were set.  The Company has been given by the Court a period over which to pay the combined fine and costs, which it will do from operational cash flows. The first instalment of £214,879.92 will be made in April 2020 and six instalments of £109,103.15 will be made six-monthly from July 2020, with the final payment falling due in January 2023.

Chris Walters, Chief Executive of Pressure Technologies, commented:

"Chesterfield Special Cylinders and Pressure Technologies Group respect the decision of the jury and the sentencing that has been determined today. We deeply regret the events that resulted in the death of our colleague and long standing employee John Townsend, which has left a terrible gap in the lives of his family, friends and colleagues, with whom our deepest sympathies remain.

The Pressure Technologies Group operates in safety critical industries.  We are committed to achieving the highest safety standards and the Judge has today remarked upon the Company's decent safety record and attitude. This tragic incident occurred in June 2015 and in the period since then we have made significant changes and improvements to the way we operate at the Chesterfield Special Cylinders site and across all Group sites as we continually strive to improve the safety of our operations and our employees."

 

For further information, please contact:

 

Pressure Technologies plc

 

Chris Walters, Chief Executive

Tel: 0114 257 3616

Joanna Allen, Chief Financial Officer

pressuretech@investor-focus.co.uk

 

N+1 Singer (Nomad and Broker)

 

Tel: 0207 496 3000

Mark Taylor / Lauren Kettle

 

 

IFC Advisory Ltd (Financial PR and IR)

Tel: 0203 934 6630

Graham Herring / Tim Metcalfe / Zach Cohen

 

 

COMPANY DESCRIPTION

 

Company description - www.pressuretechnologies.com 

With its head office in Sheffield, the Pressure Technologies Group was founded on its leading market position as a designer and manufacturer of high-integrity, safety-critical components and systems serving global supply chains in oil and gas, defence, industrial gases and hydrogen energy markets.

 

The Group has two divisions, Precision Machined Components and Chesterfield Special Cylinders.

 

Precision Machined Components (PMC) - www.pt-pmc.com

●  Precision Machined Components includes the Al-Met, Roota Engineering, Quadscot and Martract brands.

 

Chesterfield Special Cylinders (CSC) - www.chesterfieldcylinders.com 

●  Chesterfield Special Cylinders, Sheffield, includes CSC Deutschland Gmbh, which is based in Dorsten, Germany.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCEASFDFDDEEFA