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Foundry Daily News

06. August 2008

UK - Cookson Net Rises 3.2% on Foseco Purchase

UK - Cookson Net Rises 3.2% on Foseco Purchase

Cookson Group Plc, the world's biggest maker of molds for steelmakers, said first-half profit increased 3.2 percent after expanding through the purchase of U.K. rival Foseco Plc.

Net income advanced to 48.2 million pounds ($94.4 million) from 46.7 million pounds a year earlier, the London-based company said in a statement. Sales gained 35 percent to 1.06 billion pounds.

Cookson bought Foseco for 497 million pounds in April, adding 29 plants in 17 countries including Russia, Poland and Turkey, and gaining products that purify steel. Supplying fire proof casings for molten steel has become Cookson's most profitable business as Chinese and Ukrainian makers move from making lower-quality construction steel to higher grades used in car production.

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