Effective December 18, 2006, Cookson entered into an agreement to sell Monofrax, a fused-cast refractories business that forms a separate part of Cookson’s Ceramics division, to RHI AG of Austria for US$45 million (£23 million). Completion of the transaction, which is conditional on satisfactory approval of the relevant antitrust authorities, is expected during the first quarter of 2007. The purchase price will be satisfied on completion of RHI’s assumption of pension, retirement, medical and other liabilities, estimated at US$10 million (£5 million), with the balance satisfied in cash, estimated at US$35 million (£18 million). Cookson also recently sold its PVC Cements business for a cash consideration of US$3 million (£2 million).
“Monofrax and PVC Cements are non-core businesses where we have relatively small market share positions, and their disposal is part of our strategy to focus our portfolio on businesses where we have leading market positions,” said Nick Salmon, chief executive of Cookson.
For additional information, call (44) 0207822-0000 or visit www.cookson.co.uk
. RHI’s website is located at www.rhi-ag.com