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Turbotec Products

  • BY: Andrew Hore |
  • POSTED: 16/03/2011 |

US-based heat exchanger tubing and components manufacturer Turbotec Products says its results for the year to March 2011 should be slightly ahead of expectations. 

Volumes have been increasing in the past five months and Turbotec has managed to pass on higher metals costs to customers. However, there is growing competition and that could put pressure on prices.

Turbotec has managed to absorb the costs of a factory move to Hickory, North Carolina and the benefits will show through in the next financial year.

Robert Lowe became non-executive chairman on 24 February.

At 32p a share, Turbotec is valued at £4.1m. Former controlling shareholder, Thermodynetics Inc reduced its stake to 21.2% at the end of 2010. Adrian Ezra increased his stake to 17.57% and recently appointed Turbotec non-exec Joseph DeSena bought the rest of the Thermodynetics shares, taking his stake to 17.57%. They both acquired the rest of their shares from Thermodynetics earlier in the year. 

Download the March edition of AIM Journal at http://www.hubinvest.com/AIMPDFMarch2011_18.pdf

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