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Sorbic International
- BY: Andrew Hore |
- POSTED: 25/03/2010 |
- COMMENTS: Add yours
Sorbic acid and potassium sorbate producer Sorbic International has been hit by production problems.
Late last year, a power shortage due to snow and the improvements to a water treatment plant disrupted production for a total of 19 days. In January, more snow hit production over seven days. Excluding these disruptions, trading is in line with expectations.
The interim results will be published in late May.
Sorbic expects to commence construction of two new lines at Ulanqab city, Inner Mongolia in April.
Albany Capital, which owns 20.4% of Sorbic, has increased its loan facility to the company from £300,000 to £500,000. the interest rate is 7.5%.
Chief executive Ang Wee Boon is stepping down at the end of April and will be replaced on an interim basis by Wang Yan Ting. Sorbic will seek a long-term candidate for the role.
At 24p a share, down 1.5p on the day, Sorbic is valued at £8.01m.
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