Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Cookson Group To Sell US Precious Metals Unit To Richline Group - Quick Facts

Cookson Group plc (CKSN.L) reached an agreement to sell its US Precious Metals business, an operation that forms part of its Precious Metals division, to Richline Group Inc., an unit of Berkshire Hathaway Inc.

Earlier, Cookson announced that, following the US Precious Metals business becoming loss-making, it had begun a strategic review and significant downsizing of the business. Subsequently, Richline expressed an interest in buying this business, and on 22 February 2012, Cookson and Richline inked a deal for Richline to acquire the business, subject to normal legal and regulatory closing provisions which may be completed in the 2012 second quarter.

The net cash consideration is subject to closing balance sheet adjustments but is expected to be sufficient for Cookson's exit from the business to be cash neutral, including taking into account the restructuring and other costs incurred in preparing the business for sale. The gross assets of the businesses being acquired by Richline are nearly $69.8m or 44.4 million pounds, while the net assets are about $60.2 milion.

Click here to receive FREE breaking news email alerts for Cookson Group Plc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Chinese authorities on Tuesday eased some rules for mortgages for buying a second home, in a bid to boost the housing market. The People's Bank of China and the China Banking Regulatory Commission said in a joint statement that buyers who already own one apartment, but have paid off the mortgage... The Reserve Bank of India kept its key rates unchanged once again as expected, citing upside risks to medium-term inflation target. The decision announced Tuesday meant that the repo rate was left unchanged at 8.00 percent for the fourth straight policy meeting. The repo rate is the rate at which the central bank lends to commercial banks. The Reserve Bank of India kept its key rates unchanged once again as expected, citing upside risks to medium-term inflation target. The decision announced Tuesday meant that the repo rate was left unchanged at 8.00 percent for the fourth straight policy meeting. The repo rate is the rate at which the central bank lends to commercial banks.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.