Hull-based Advanced Plastics Group, a manufacturer of technical injection moulded products for blue chip clients across a range of market sectors, has transitioned to an Employee Ownership Trust (EOT).
The strategic move secures the company’s long-term independence and recognises the contributions of its employees to its continued success.
Established in 1992 as Advanced Plastics & Composites Ltd and now operating from sites in Hull, Manchester and Fareham, by becoming an employee-owned business, Advanced Plastics Group ensures its legacy, protects its values, and ensures its commitment to clients and industry partners.
Rob Anderson, joint CEO of Advanced Plastics Group, said: “This is a proud moment in our company’s history. Becoming 100% owned by an EOT allows us to preserve our independence while ensuring our dedicated colleagues have a direct stake in the future success of the business.
“Our customers will continue to receive the same high standard of service, with the added assurance that our team is fully invested in delivering excellence. We have a strong leadership team at Advanced Plastics Group, fully capable of driving the company’s growth strategy and guiding our colleagues through this transition.
“This is an incredibly exciting time for us as directors and for our colleagues, as we embark on a transformative journey that will secure our future.”
Chris Pearson, joint CEO of Advanced Plastics Group, said: “Rob and I have huge pride in Advanced Plastics and could not think of a more appropriate way to secure our future ownership succession than with the EOT. Our customers, partners, suppliers and colleagues can now be assured of the future of the business, under the leadership of our current team of executive directors.”
Employee Ownership Association (eoa) chief executive, James de le Vingne, said: “Congratulations to Advanced Plastics Group on making the move to employee ownership and joining a rapidly expanding sector that’s statistically shown to have positive social, community, and environmental impacts.
“As a manufacturer, which as an industry makes up 11% of the UK’s employee owned sector, Advanced Plastics Group’s EO succession will see it anchor the business, jobs and investment in its region for the longer term, playing a vital role in a more sustainable future economy.”
