Chemring Ousts CEO Ahead of Carlyle Acquisition Deadline
Chemring Group Plc (CHG), the target of a takeover approach by Carlyle Group LLP, said Mark Papworth will replace long-serving David Price as chief executive officer as negotiations with the private equity firm come to a head.
Papworth will take over running the maker of munitions and aircraft protection-equipment on Nov. 5, Chemring said in a statement. Four days later is a deadline for takeover talks with Carlyle.
Chemring on Aug. 17 said it had received a preliminary approach from Carlyle. Takeover discussions have been extended twice, during which time Chemring has cut its outlook for profit. David Price stood down “with immediate effect,” the company said.
Papworth oversaw an overhaul of Wood Group Plc, and has held an executive position at the energy unit of Rolls-Royce Holding Plc.
Chemring shares declined 2.1 percent to 339.2 pence at the open of trading in London.
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