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[January 2008]
Proposed Sale of Foseco’s Carbon Bonded Ceramics Business to Expedite Anti-Trust Clearances
Cookson Group plc announced on 11 January 2008 that a conditional agreement had been entered into to sell Foseco plc's Carbon Bonded Ceramics business (CBC) to companies owned by RHI AG. The CBC business had revenues of approximately £20 million for the year ended 31 December 2006 and gross assets of approximately £9 million as at 31 December 2006.
Completion of the transaction is conditional, amongst other things, on the acquisition of Foseco by Cookson, which is expected to be completed in the first half of 2008.
When the proposed acquisition of Foseco by Cookson was announced on 11 October 2007, it was stated that completion was conditional, amongst other things, on receipt of anti-trust clearances in the US and EU. The intention to dispose of Foseco's CBC business, in order to expedite these clearances, was announced at that time.
Progress in relation to the proposed acquisition of Foseco is continuing in accordance with the announcement made on 18 December 2007.
ENDS