20th Oct 2008 16:59
20 October 2008
PROPOSED SALE OF COOKSON'S HI-TECH CERAMIC FILTERS BUSINESS TO SATISFY FOSECO ANTI-TRUST REQUIREMENTS
Cookson Group plc ("Cookson"), a leading materials science company, announces that it has entered into a conditional agreement to sell its Hi-Tech Ceramics filters business ("Hi-Tech") to Sud-Chemie AG. The Hi-Tech business had revenue of approximately £5 million and trading profit of approximately £1 million in the six month period to 30 June 2008.
Completion of the transaction is conditional, amongst other things, on obtaining regulatory approval from the European Commission. The transaction is expected to complete by the end of this year.
As a condition of the EU and US competition authorities' approvals of the acquisition of Foseco plc ("Foseco") on 4 April 2008, Cookson made a commitment to sell Foseco's Carbon Bonded Ceramics business ("CBC"). CBC was sold to RHI AG on 16 April 2008. As a further condition of the European Commission's anti-trust approval of the acquisition of Foseco, Cookson made a commitment to sell Hi-Tech. On completion of the disposal of Hi-Tech, all anti-trust conditions relating to the Foseco acquisition will have been satisfied.
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Shareholder/analyst enquiries: |
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Nick Salmon, Chief Executive |
Cookson Group plc |
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Mike Butterworth, Group Finance Director |
Tel: + 44 (0)20 7822 0000 |
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Anna Hartropp, Investor Relations Manager |
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Media enquiries: |
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John Olsen/Anthony Arthur |
Hogarth Partnership |
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Tel: +44 (0)20 7357 9477 |
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 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 advanced surface treatment and plating chemicals and assembly materials to the automotive, industrial, construction and electronics markets.
The Precious Metals division is a leading supplier of fabricated precious metals (primarily gold, silver and platinum) to the jewellery industry in the US, the UK, France and Spain.
Cookson Group plc, 165 Fleet Street, London EC4A 2AE
Registered in England and Wales No. 251977
www.cooksongroup.co.uk
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