Coral Products PLC is a manufacturer and distributor of plastic injection, extruded and blow moulded products into a diverse range of sectors, including food packaging, personal care, household, healthcare, automotive, telecoms and rail. The Group has operations in the UK with manufacturing facilities in Haydock, Merseyside, and Wythenshawe, Greater Manchester and distribution facility in Hyde, Greater Manchester.
By developing innovative plastic moulded products, providing excellent customer service and through its hard-working employees, Coral Products continues to restructure its markets to be able to create growth and value for its shareholders.
The Company was listed on the main market of the LSE from April 1995 to August 2011 during which time it produced fluctuating levels of profitability. Initially the Company focused on serving the VHS market with a range of video cassette cases which was later complemented by the production of plastic housewares manufactured for supermarkets? own label ranges. The early success led to its stock market float in 1995 and funds raised were invested into CD case production facilities. In 2000 the Company commenced production of DVD cases.
In recent years media packaging has been in decline due primarily to weak demand as a result of an increase in media downloading. In response to this decline, the Company has sought to diversify its product portfolio and in 2009 it launched a range of solutions for domestic recycled waste collection in the form of kerbside recycling boxes, food waste caddies and associated accessories. The Company has also built up a good reputation as a trade moulder working with its customers for solutions and some offering a 24-hour 7 day a week production service.
The Group has further diversified itself via acquisitions ? in 2011 the Group acquired Interpack Limited, principally operating in food packaging, in 2014 Tatra Plastics Manufacturing Limited, specialists in PVC and plastic injection moulding and extrusion, in 2016 Global One-Pak Limited, specialists in lotion pumps and trigger sprayers; Rotalac Plastics Limited, thermoplastic extrusion and moulding solutions; and the plant and machinery from Niemen Packaging Limited, injection and extrusion blow moulding and in 2017 the assets of ICM (Industrial & Commercial Mouldings) Limited, specialists in the production of bespoke high-quality injection moulded parts for the automotive industry.
We aim to grow and develop our positions within our chosen product markets and geographical areas in the rigid plastic packaging and waste recycling industry by maintaining strong long-term relationships with our customers and developing high quality, innovative products that meet customer needs. With our trade moulding partners, we aim to develop the relationship and work together to produce a partnership resulting in long-term reliability of production, development and flexibility as the need arises. In order to deliver long-term sustainable profit growth, there are four key drivers to our strategy which support a focused sales approach.
We have an excellent reputation for delivering quality products, but we are not complacent. We invest continuously in new machinery, robotics and moulds to maintain a strong position and keep market share. Our quality control and assurance processes are regularly reviewed and developed to ensure that our customers receive quality products each time.
We continually investigate prices to improve our financial efficiency and deliver the best returns for shareholders. This may lead to dual supply sources to ensure key costs are minimised. We recognise also the efficiency and effectiveness that results from new machinery in reducing our carbon footprint as well as the positive effect on reducing the cost of power absorption.
We continually look to promote a well-motivated workforce by attracting and motivating talented people to drive our business forward and foster a culture of responsibility, accountability and openness.
Health & Safety
This is the main priority in the business and we have striven to implement an environment where safety is paramount. We continuously train and re-train our staff to ensure that we operate best health and safety practices throughout the organisation.
We also have adopted a strategy of seeking acquisitions where we feel we can add value from synergies or investment to grow our markets and ultimately enhance shareholder value.
In March 2015 the Group adopted a five-year plan aimed at substantially increasing Group revenue and profitability from our specialist plastic products manufacturing and distribution facilities. In July 2015, the Group took the initial step along this plan when it acquired certain assets from Neiman Packaging Limited. A further asset acquisition was completed in January 2016, from Rotalac Limited, and in February 2016 the Group acquired 100% of the equity of Global One-Pak Holdings Limited. In August 2016 Tatra Limited and Rotalac Limited were merged to form Tatra-Rotalac Limited. In March 2017, the Group acquired certain assets from ICM Limited.
We look to create and grow markets for rigid plastic containers through technical innovation and design creation through internal advances and acquisition. We recognise that for many products plastics are a better container solution for handling goods and gives greater functionality, economy and a cleaner environment.
Social, Community and Human Rights Issues
The Group endeavours to impact positively on the communities in which it operates. In particular, raw materials are purchased from established companies which have high reputations within the plastics industry.
The Group?s ethical and social accountability statement details the standards of behaviour which are regarded as acceptable. Provision of a safe, clean working environment, free from discrimination, is an essential right of all the employees. To gain accreditation under the BRC Packaging Materials Standard on production of food containers, the premises, working practices and materials had to meet required standards of compliance. These are regularly audited to ensure the Group continues to adopt good manufacturing practices to develop and manufacture safe, legal packaging materials. The Group is also often audited by its customers to assess compliance with minimum acceptable standards.