Floatation to raise funds for growth
A
Mechan Controls product story
Edited by the Engineeringtalk editorial team
Sep 17, 2003
A leading UK manufacturer and supplier of electronic noncontact safety switches to the manufacturing industry has been floated OFEX.
A leading UK manufacturer and supplier of electronic noncontact safety switches to the manufacturing industry has been floated OFEX.
Mechan Controls, based in Lancashire, supplies to leading companies across the world including Heinz, Mars, Hanson, Nestle, Smith Kline Beecham, St Ivel and Tate and Lyle.
The company, internationally renowned for its F-Series, Codex, Isis, Magnasafe and SSS products - used for industrial machinery - listed two million shares on OFEX on 10th September 2003.
The company has been gearing up to the flotation since a successful management buy out in 1999 led by Managing Director, Wilf Boardman.
Says Boardman: "This is a very exciting stage in Mechan's development.
In the fullness of time the OFEX listing will help us raise funds to aid our growth, which could include merger and acquisition activity and the creation of jobs".
"The flotation will particularly enhance the profile and reputation of Mechan, and the transparency of the shares through daily listings will give confidence and interest to shareholders".
David Ingram, a partner at leading North West business advisory firm, Moore and Smalley, who advised Mechan on its flotation, said: "The flotation will help Mechan increase its shareholder value and help it consolidate its blue chip reputation.
Its commitment to research and development, driven by its industry leading professionals, has given Mechan a product range which competes with that of any company in the world in a GBP 100 million industry".
Established in 1973, Mechan employs 11 staff in Skelmersdale.
It signed a lucrative trading agreement with global giant Honeywell in 2001 for the company to distribute its products in 95 countries.
Mechan is currently working on a pioneering range of stainless-steel alternatives to its plastic switches, aimed at the food processing and pharmaceutical industries.
However, Boardman says its original designs are still in high demand.
"Mechan originally produced systems for the can making industry", he says.
"Those systems proved so reliable that many of them are still working today, some 30 years later".
Mechan was one of the first companies to be accredited to the new ISO9000:2000 for the design and manufacture of safety systems.
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