22nd Feb 2006 07:03
Morgan Crucible Co PLC22 February 2006 22nd February 2006 ACQUISITION Morgan Crucible's ("Morgan") Insulating Ceramics division ("Insulating") hasreached an agreement to acquire the ceramic fibres business of Cookson Groupplc. The cash consideration is $21 million for the assets of the business. The assets consist of 2 productions sites, one in Poland and the other inTennessee, USA, both of which provide high temperature insulating fibre focussedtowards the iron and steel markets. The acquisition will both enhance the geographical presence of our InsulatingCeramics division in Eastern Europe and its production capacity in NorthAmerica. It also reinforces the market position of the Insulating business. Warren Knowlton, Chief Executive Officer, commented, "The Magnetics disposal in September 2005 transformed the financial strength ofMorgan. At that time we announced that we would be looking to make bolt-onacquisitions. This is our first such acquisition since that time and I ampleased that it is increases our Group exposure to more dynamic markets and willbe margin accretive". Enquiries: The Morgan Crucible Company plc 01753 837000Warren Knowlton - Chief Executive OfficerMark Robertshaw - Chief FinancialOfficer Finsbury 020 7251 3801Rupert YoungerRobin Walker This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Morgan Advanced MaterialsVesuvius