LONDON (ShareCast) - (ShareCast News) - Coral Products announced that it completed the purchase of assets of ICM from its administrators on Friday, for a total consideration of around £0.6m.
The AIM-traded firm said the assets consisted of various injection moulding machines - some with robot handling - as well as chillers, mixers and cranage.

It said the assets would improve utilisation at its Haydock facility.

"We can also announce that following a rigorous selection process our Haydock facility has been approved by two major multinational tier one automotive system suppliers to supply a number of components," Coral's board said in a statement.

"Whilst volumes are not yet formalised we confidently expect this to lead to substantial new business throughout our next financial year."

In addition, Coral said its recently announced bakery tray business was expected to increase substantially in the same period, and it had now commissioned a second 750 tonne machine to cope with the demand.

"The funding for these projects is from a mixture of five-year asset financing and bank resources."

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE