Vesuvius plc (the "Company"), a leading metal flow engineering company, announces that on 31 May 2013 following the satisfaction of all conditions to closing, it completed the sale of its Precious Metals Processing Division to Heimerle + Meule GmbH, a subsidiary of L. Possehl & Co, mbH.
The cash consideration of ???56.8m was received on completion and will be subject to customary closing balance sheet adjustments.
As previously announced, the Company intends to undertake an on-market share repurchase programme to return up to £30m to shareholders. This programme is expected to commence post the 2013 AGM which will be held on Tuesday 4 June 2013 and to take up to 6 months to complete.
The balance of the net proceeds will be used to reduce the Company's existing borrowings.
For further information please contact:
Shareholder/analyst enquiries:
Vesuvius plc
François Wanecq, Chief Executive
+44 (0) 207 822 0000
Chris O'Shea, Chief Financial Officer
+44 (0) 207 822 0000
Maddy Cox-Smith, Investor Relations Manager
+44 (0) 207 822 0016
Media enquiries:
MHP Communications
John Olsen/Ian Payne
+44 (0) 203 128 8100
Source: <link http: www.vesuvius.com en _blank external-link-new-window external link in new>
Vesuvius.com
