Business
Update and Strategic Review
Update and Strategic Review.
About this update from Hardide Plc
[{"type":"text","content":"\n RNS Number : 6203R Hardide PLC 01 May 2009 \n \nHardide plc ('Hardide' or 'the Company')\nUpdate and Strategic Review\nThe Board of Hardide (AIM: HDD), the provider of unique metal surface engineering technology, announces that constructive discussions continue with the Company's major customers regarding the effects of the global economic outlook on their production levels and resultant demand for Hardide's product. As previously noted, there has been no reduction in sales as a result of customer dissatisfaction with Hardide or its coating technology, and the Board believes that the reduced level of ordering caused by the downturn in production by its customers is affecting a number of similar suppliers operating in the same market. \nIn light of the above, and as referred to the announcement of 3 March 2009, the Group has now implementedsome cost reductions, which have included hibernating the US plant and temporarily moving production back \nto the UK.\nFurther, the Board is now undertaking a strategic review of the options which may be available to the Group, which may include an equity fundraising or a trade sale, and will provide a further update as soon as it is in a position to do so.\nFor further information:\n\n\n\n\nHardide plc\n\n\n\n\n\n\n\nGraham Hine, Chief Executive Officer\nJackie Robinson, Head of Communications\n\n\nTel: +44 (0) 1869 353 830\n\n\n\n\[email protected] \n\n\nwww.hardide.com\n\n\n\n\n\n\n\n\n\nSeymour Pierce Limited\n\n\n\n\n\n\n\nNicola Marrin, Corporate Finance \n\n\nTel: +44 (0) 20 7107 8000\n\n\n\n\[email protected]\n\n\n \n\n\n\n\n\n\n\nThe Directors of the Company accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Directors of the Company (who have taken all reasonable care to ensure that such is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to impact the import of this announcement.\n\nSeymour Pierce Limited ('Seymour Pierce'), whic...