Superglass: trading in line, CEO to retire

Superglass Holdings Plc announced in mid-July 2009 that trading from 1 March to date continued to be broadly in line with its view, and that chief executive John Smellie would retire from the board at…

Superglass Holdings Plc announced in mid-July 2009 that trading from 1 March to date continued to be broadly in line with its view, and that chief executive John Smellie would retire from the board at the end of this year. The British insulation products maker named Alex McLeod, previously managing director of French building materials firm Saint-Gobain“s glass wool manufacturing operation in Cheshire, to replace Smellie, with effect as of 1 November. Superglass also said it was seeing sustained demand for its products at increased levels thanks to the Carbon Emissions Reduction Targets (CERT) programme. However, the Scotland-based company, which makes a full range of thermal and acoustic mineral wool products for the construction industry, said trading outside the CERT programme was still difficult and that there was still significant pricing pressure in the UK. The company also said it was highly cash generative and all debt repayments were being made on schedule.