Cookson to Sell U.S. Precious Metals Business to Richline Group
Cookson Group Plc recently announced it has entered into an agreement to sell its U.S. Precious Metals business (an operation that forms part of its Precious Metals division) to Richline Group Inc., a subsidiary of Berkshire Hathaway Inc. In its Interim Management Statement issued in November 2011, Cookson announced that, following the U.S. Precious Metals business’ poor financial performance, it had initiated a strategic review and significant downsizing of the business. Richline subsequently expressed an interest in acquiring this business. The agreement is subject to legal and regulatory closing provisions, which are expected to be completed in the second quarter of 2012.
“This is a positive outcome for all parties,” said Nick Salmon, chief executive of Cookson. “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.”
For more information, visit www.cooksongroup.co.uk.