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Cookson Group plc has entered into a conditional agreement to sell its Hi-Tech Ceramics filters business to Sud-Chemie AG. The Hi-Tech business had revenue of approximately £5 million (about $9 million) and trading profit of approximately £1 million (about $2 million) in the six-month period to June 30, 2008.
Completion of the transaction is conditional on obtaining regulatory approval from the European Commission, as well as other considerations. The transaction is expected to be completed by the end of this year.
As a condition of the EU and U.S. competition authorities’ approvals of its acquisition of Foseco plc, Cookson made a commitment to sell Foseco’s Carbon Bonded Ceramics (CBC) business. CBC was sold to RHI AG earlier this year. 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.
Visit www.cooksongroup.co.uk for additional information.