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Munro appointed director at insulation maker Superglass during 'pivotal time'

INSULATION maker Superglass has appointed an experienced executive to a key management role.

Ken Munro joins the Stirling company early next month as director of strategic development and sales.

Previously Mr Munro has held a global marketing post at consumer transaction giant NCR Corporation and was managing director of Havelock Europa subsidiary ESA McIntosh.

More recently he was in charge of religious media distributor John Ritchie.

Alex McLeod, Superglass chief executive, said "We are very pleased to have attracted someone of Ken's calibre, track record and experience to the Superglass business.

"Ken joins us at a pivotal time in the development of the company as we build on our recent major investment and refinancing programme and position ourselves for future opportunities and growth.

"Having occupied senior positions at NCR Corporation and ESA McIntosh Ken will also strengthen business leadership within our organisation at a particularly exciting time in our evolution and development."

Interim sales and marketing director Allan Durning, who has been in the post for 14 months, is leaving that position but is being retained as a consultant.

The company moved from the London Stock Exchange to the junior Alternative Investment Market in June this year.

That followed a restructuring where Superglass raised £12.9 million from investors to help stabilise its financial position.

The business had been battling with a slowdown in sales to the housing market along with uncertainty over whether government measures to curb carbon emissions would provide a spike in insulation take-up.

Around £3m of the money raised was used to repay some of the £12m the business owed to Clydesdale Bank with the bank converting a further £5.7m it was due into convertible shares.

On admission to AIM Superglass said its cash balance was £9.2m and core debt was £2.5m.

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