For the second consecutive week, Morgan’s sale of its Composites and Defence Systems business is top news (Morgan Advanced Materials Announces Divestment of its Composites and Defence Systems Business): “Morgan Advanced Materials plc recently announced that it has completed the sale of its Composite and Defence Systems (C&DS) business to 11046896 Canada Inc., a partnership between The Pasqua First Nation of Saskatchewan, Canada, and James Kempston, who will serve as the CEO of C&DS. The sale values the business at £2.5 million (approximately $3.2 million) on a cash-free, debt-free basis, with £2 million (~ $2.6 million) cash received on completion and the balance to be paid by January 21, 2019.
“The transaction has been structured to leave Morgan with the economic benefit of certain assets, most notably the principal freehold property associated with the business, as well as certain liabilities relating to the exit of parts of the business. In the year ended December 31, 2017, the C&DS business generated a £1.1 million (~ $1.4 million) headline operating loss on £21 million (~ $26.9 million) of sales.”
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Top 5 Hottest News Stories for December 9-15
1. Morgan Advanced Materials Announces Divestment of its Composites and Defence Systems Business 2nd week at #1!
2. Ibstock Sells Glen-Gery to Brickworks Limited
3. Corning Pursues Semiconductor Glass Carrier Opportunities in Asia
4. HarbisonWalker’s Snow Appointed to Ceramic and Glass Industry Foundation Board
5. AMETEK Land Continues Collaboration with Advanced Forming Research Centre
This weekly roundup highlights the ceramic, glass, refractories, brick and related news stories that garnered the most attention during the previous week on our website, as well as our eNewsletters and social media platforms.