Pressure Technologies PLC Outcome of Sentencing Hearing (6488Z)
13 Enero 2020 - 09:36AM
UK Regulatory
TIDMPRES
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 GBP700,000 was determined and prosecution
costs of GBP169,498.82 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
GBP214,879.92 will be made in April 2020 and six instalments of
GBP109,103.15 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 Tel: 0203 934 6630
and IR)
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
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January 13, 2020 10:36 ET (15:36 GMT)
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