21st Nov 2018 09:17
LONDON (Alliance News) - Morgan Advanced Materials PLC on Wednesday confirmed it has sold its Composite & Defence Systems business in a management buyout, as part of a plan announced last April.
The business has been sold for GBP2.5 million to 11046896 Canada Inc, a partnership between current Morgan Advanced's director of business development, James Kempston, and the Pasqua First Nation of Saskatchewan.
Kempston will serve as the chief executive of Composite & Defence Systems post-sale.
In April, Morgan Advanced said it would be selling the business after a continuation of its "recent declining trend".
Shares were 0.2% higher on Wednesday at a price of 262.55 pence each.
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