27 November 2014
XP Power announces that Terry Twigger will join the Board as a non-executive director with effect from 1 January 2015.
Terry joined Meggitt PLC, the FTSE100 global engineering group specialising in extreme environment components and smart sub-systems for aerospace, defence and energy markets, in July 1993 and spent 20 years with the group, the last 12 as Chief Executive. During his tenure as Chief Executive Meggitt grew its revenues from £0.4Bn to £1.6Bn through a combination of organic growth and numerous successful acquisitions. He retired from Meggitt in May 2013 and is currently a non-executive director of Essentra plc, the supplier of specialist plastic, fibre, foam and packaging products.
Once in post, Terry will assume the role of senior independent director and chair XP Power's Audit Committee.
In addition, David Hempleman-Adams will retire from the XP Power Board with effect from 31 December 2014.
James Peters, XP Power Chairman commented:
"We are pleased to welcome Terry to the Board. He brings with him a wealth of international and public company experience in the engineering sector and I am confident that he will make a significant contribution to the growth of our business."
"On behalf of my Board colleagues I would also like to thank David for his contribution to XP over the last six years and wish him well for the future."
XP Power confirms that there are no further details to disclose under paragraph 9.6.13 (1) to (6) of the Listing Rules in relation to Terry Twigger.
|Duncan Penny, Chief Executive||+44 (0)118 976 5086|
|Jonathan Rhodes, Finance Director||+44 (0)118 976 5074|
|Citigate Dewe Rogerson|
|Kevin Smith/Jos Bieneman||+44 (0)20 7638 9571|
Note to editors
XP designs and manufactures power controllers, the essential sub assembly in every piece of electrical equipment that converts the power from the electricity grid into the right form for the equipment to function.
XP typically designs in power control solutions into the end products of major blue chip OEMs, with a focus on the industrial (circa 45% of sales), healthcare (circa 30% sales) and technology (circa 25% of sales) sectors. Once designed into a program, XP has a revenue annuity over the life cycle of the customer's product which is typically 5 to 7 years depending on the industry sector.
XP has invested in research and development and its own manufacturing facilities in China and Vietnam, to develop a range of up to date products based on its own intellectual property that provide its customers with significantly improved functionality and efficiency.
Headquartered in Singapore and listed on the Main Market of the London Stock Exchange since 2000, XP serves a global blue chip customer base from 27 locations in Asia, Europe and North America.