Disposal (9692X)
23 Fevereiro 2012 - 6:36AM
UK Regulatory
TIDMCKSN
RNS Number : 9692X
Cookson Group PLC
23 February 2012
23 February 2012
SALE OF COOKSON'S US PRECIOUS METALS BUSINESS
TO RICHLINE GROUP, INC.
Cookson Group plc ("Cookson"), a leading materials science
company, announces that on 22 February 2012 it entered into an
agreement to sell its US Precious Metals business, an operation
that forms part of its Precious Metals division, to Richline Group,
Inc. ("Richline"), a subsidiary of Berkshire Hathaway Inc.
In its Interim Management Statement issued on 10 November 2011,
Cookson announced that, following the US Precious Metals business
becoming loss-making, it had initiated a strategic review and
significant downsizing of the business. Subsequently, Richline
expressed an interest in acquiring this business, and on 22
February 2012, Cookson and Richline entered into an agreement for
Richline to acquire the business, subject to normal legal and
regulatory closing provisions which are expected to be completed in
the second quarter of 2012. The net cash consideration is subject
to closing balance sheet adjustments but is expected to be
sufficient for Cookson's exit from the business to be cash neutral,
including taking into account the restructuring and other costs
incurred in preparing the business for sale. The gross assets of
the businesses being acquired by Richline are approximately
US$69.8m (GBP44.4m*), whilst the net assets are approximately
US$60.2m (GBP38.3m*).
For the year ended 31 December 2011, the US Precious Metals
business had revenue of US$232m (GBP144m) and net sales value** of
US$78m (GBP49m).
The division's profitable European operations are unaffected by
the transaction.
Commenting on the sale, Nick Salmon, Chief Executive of Cookson,
said:
"This is a positive outcome for all parties. For Cookson, it
represents a clean and timely exit, and for the business and its
employees it offers the prospect of a viable and stronger future
under Richline's ownership."
Notes:
* translated at an exchange rate of US$1.57/GBP1
** net sales value is revenue excluding precious metal
content
Shareholder/analyst enquiries:
Nick Salmon, Chief Executive Cookson Group plc
Mike Butterworth, Group Tel: + 44 (0)20 7822
Finance Director 0000
Media enquiries:
John Olsen MHP Communications
Anthony Arthur Tel: +44 (0)20 3128
8100
About Cookson Group plc:
Cookson Group plc is a leading materials science company
operating on a worldwide basis in ceramics, electronics and
precious metals markets.
The Ceramics division is the world leader in the supply of
advanced consumable refractory products and systems to the global
steel and foundry industries and a leading supplier of speciality
products to the glass and solar industries.
The Electronics division is a world leading supplier of
electronic assembly materials and advanced surface treatment and
plating chemicals to the electronics, automotive, industrial and
construction markets.
The Precious Metals division is a leading supplier of fabricated
precious metals (primarily gold, silver and platinum) to the
jewellery industry in the UK, France and Spain, and also has
significant precious metal recycling operations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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