Cookson Group plc (“Cookson”), a leading materials science company, announced that it has entered into a conditional agreement to sell its Hi-Tech Ceramics filters business (“Hi-Tech”) to Sud-Chemie AG. The Hi-Tech business had revenue of approximately £5 million and trading profit of approximately £1 million in the six month period to 30 June 2008.
Completion of the transaction is conditional, amongst other things, on obtaining regulatory approval from the European Commission. The transaction is expected to complete by the end of this year.
As a condition of the EU and US competition authorities’ approvals of the acquisition of Foseco plc (“Foseco”) on 4 April 2008, Cookson made a commitment to sell Foseco’s Carbon Bonded Ceramics business (“CBC”). CBC was sold to RHI AG on 16 April 2008. As a further condition of the European Commission’s anti-trust approval of the acquisition of Foseco, Cookson made a commitment to sell Hi-Tech. On completion of the disposal of Hi-Tech, all anti-trust conditions relating to the Foseco acquisition will have been satisfied.