26 February 1998: The UK“s Cookson Group plc, the international specialist industrial materials group, has reached an agreement to dispose of its 50% interest in Cookson Matthey Ceramics plc (CMC) to…
26 February 1998: The UK“s Cookson Group plc, the international specialist industrial materials group, has reached an agreement to dispose of its 50% interest in Cookson Matthey Ceramics plc (CMC) to Johnson Matthey plc. It was reported that the company made the transaction for the cash consideration of UK 65 million. Upon completion, expected to take place within one week, Cookson will be released from its obligations in respect of the borrowing facilities of CMC. At 31 December 1997, the gross amount of CMC“s external borrowings was reportedly around UK 82 million. CMC, a 50:50 joint venture between Cookson and Johnson Matthey, manufactures ceramics materials for the tableware, tile, sanitaryware and glass industries. For the year ended 31 December 1997, Cookson“s 50% interest in the results of CMC represented sales of UK 157 million, operating profit of UK 8.8 million and a loss before tax of UK 3.4 million. In addition, interest paid to Cookson by CMC for the year was UK 9.6 million.