BBA Group is moving forward with the demerger of its nonwovens business. While a possibility of selling the division still exists and the company has received several expressions of interest for the sale, BBA will for now explore the demerger. The company announced in November is was exploring the separation of Fiberweb, which reported a 12% increase in sales to £619 million but a 10% drop in profits to £44 million on higher raw material costs of £12 million.
In other news, Roy McGlone has stepped down as Group CEO by mutual agreement. Michael Harper, a non-executive director of BBA Group since February last year and the former Chief Executive of Kidde Group, has agreed to be interim CEO until a permanent replacement is appointed.
Meanwhile, Roberto Quarta, chairman since 2001, will delay his planned retirement from the company until BBA separates Fiberweb and appoints a permanent CEO. He will be succeeded as chairman by Mr. Harper.