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[January 2010]
MBO Announced at Stoke-on-Trent Ceramics Company
The Dyson Thermal Technologies Kiln Furniture business has been acquired from the holding company Dyson Group Plc in a management buyout (MBO), it has just been announced. The team behind the new company, IPS Ceramics Ltd, first informed the 70-strong workforce in early November that an MBO proposal had been positively received by the Board of Dyson Group and talks with the Unions and works representatives regarding the transfer have also taken place since then.
New Operations Director at IPS Ceramics, Ian Wright, said: “Along with my two fellow directors, I am delighted to announce this move. The MBO represents the best possible option for the Hartshill site and will provide the required solidity, continuity and experience necessary for the future viability and development of this historic ceramic business. We have already received the backing of the workforce here and have had an encouraging response from customers in the Ceramic Industry”.
Another member of the local senior management team behind the MBO, Sales Director Phil Green, added: “This means that the kiln furniture operation remains alive, jobs are retained and that it’s business as usual for the Stoke site. We were convinced that we had a solid plan, which was born out of the fact that the Dyson Group Board threw its weight behind our proposals and did all it could to bring the MBO into effect as quickly and seamlessly as possible.
“Local customers, which include globally recognised names in the field of tableware, hotelware and tiles, have already been given all the details of the change and have been pleased to receive assurances about the continuity of supply and ongoing technical back-up, both of which are crucial in today’s Ceramic Industry. IPS Ceramics remains a global player in this industry and we are excited about the future.”
The local management team in Stoke-on-Trent have 70 years’ experience in ceramics between them and are joined by Managing Director, Sukhjinder Singh, who has previously been a senior executive at Shell and who was most recently Programme Director at Dyson Group and also Managing Director of its Ceramics Division.
“The founding of IPS Ceramics means the continuation of a 150 year-old tradition in kiln furniture design and manufacture, and at the same time a driving forward of the business by an experienced and dedicated team which is fully committed to maintaining all the close links it has with its customers and the Ceramic Industry,” commented Mr. Singh.
ENDS