Russian director quits Superglass
Stirling firm says return to Uk-based board‘appropriate’
A Russian director of Stirling glass wool manufacturer Superglass has resigned.
The departure of Russiabased Maxim Goryachev took effect on Friday, March 18.
Following Mr Goryachev’s resignation a Superglass spokesperson said: “While Superglass was not obliged to do so - to be clear no people nor products are subject to sanctions of any kind - it was deemed appropriate in the current circumstances to return to having an entirely Uk-based board of directors.” The UK Government imposed sanctions against Russia after its invasion of Ukraine in February.
Earlier this month, the Scottish Government also urged businesses in Scotland to withdraw from trading with Russia with First Minister Nicola Sturgeon emphasising that the issues are with Putin’s regime and not the people of Russia.
Superglass’s facility at Thistle Industrial Estate has a workforce of 180.
Companies House records show that Goryachev had been appointed to the board of Superglass Holdings Limited in April 2017.
He is chief executive of parent company TN International which is owned by Inflection Management Corporation, a Cyprus-based investment firm.
Inflection is under the control of Russian billionaire Sergey Kolesnikov.
Superglass was formed in 1987 and floated on the London Stock Exchange in 2007 before its £ 8.7 million acquisition in 2016 by TECHNONICOL, a conglomerate half owned by Sergey Kolesnikov.
Stirling is the regional headquarters for its Western European and Nor t h American businesses.
In December 2019 the upgraded Superglass factory at Springkerse was opened by First Minister Nicola Sturgeon.
It had undergone a £ 37 million re-development.
The First Minister toured the new facility and saw how the newly installed 187-tonne furnace and curing oven, cooling, cutting and milling equipment has helped to double the site’s production capacity.
The mu l t i - m i l l i o n - pound investment was one of the l argest in Scottish engineering and manufacturing in recent years and was supported with £ 477,000 of Scottish Enterprise grant funding.
During the construction process, Superglass reported a return to trading profit a year ahead of forecast with revenue growing from £23.6 million in 2017 to £ 32.9 million in 2018, a 39 per cent increase.