Devro to open London office
Casings specialist Devro has proposed relocating some of its senior central management staff to a new office in London as part of a plan to focus on growth of the company as a global manufacturer.
While the company would retain its headquarters in Scotland, it says that a London office would enable it to explore new market opportunities for growth outside the UK and provide an overarching global strategic plan by bringing together members of the finance team, who will operate independently of any one regional operation. It is also recruiting a new strategy and marketing director to head up the team.
Chief executive Peter Page said: “To enable us to increase our global market share, we need to do two things: first of all, improve our strategic business planning and marketing activities and, secondly, strengthen our links and contacts with the banks and financial institutions.
“As most of the opportunities for growth are outside the UK, during 2012 we plan to open a small office in London and this team will be based there, to take advantage of more direct travel links to international destinations. It will also provide an opportunity to be based closer to the banks, major financial institutions and our advisers in the City. These relationships are important to us as a listed company.
“This is a proposal based on the long-term benefits to the business. Four people are potentially affected and we are consulting fully with them on the proposals and the opportunities to relocate to London. No final decisions will be made until we have consulted fully with those people affected.”
Devro recently completed a major £15m capital investment project at its two operating plants in Moodiesburn and Bellshill, which is increasing its production workforce. It employs 480 at its two Scottish plants and 2,100 people worldwide, with manufacturing sites and offices in the Czech Republic, the USA, Australia, Auckland, Tokyo, Moscow, Beijing and Hong Kong.
Last week, the company reported solid sales growth in the year ended 31 December 2011, with revenues up 6.6% on 2010 figures, to £227.7m. Sales growth to Russia and Eastern Europe showed a significant improvement over the first half of the year, and the company reported the success of the its new Select range of products in Japan and Europe.
>Devro reports solid sales growth
>Devro appoints new non-exec