MTM drops director of fine division

MTM, the stricken chemicals group that issued a profits warning on Wednesday and warned of a breach in borrowing limits, has replaced James Friederichsen as director responsible for its fine chemicals operation, writes Terence Wilkinson.

Dr Ken Carter, head of performance chemicals since joining MTM last July, has taken over from Mr Friederichsen, who has left the board with immediate effect and will leave the company in the New Year.

According to MTM, Dr Carter has made significant progress in improving the plant utilisation levels within the performance chemicals division. Dr Carter is expected to focus on MTM's most important operational issue, which is to increase plant utilisation within the fine chemicals division at its Kirkby and Rock Hill plants.

MTM has called an extraordinary meeting of shareholders on New Year's eve to discuss the company's position and update current talks on re-financing the company.