logo
Share SHARE
FONT-SIZE Plus   Neg

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Netflix offers a bunch of popular movies, Netflix originals, new TV shows, and documentaries in the month of December 2016, including the second season of the hit sitcom 'Fuller House' and 2016 blockbuster 'Captain America: Civil War', as all are getting ready for the holidays. SpaceX, the space transport company of Tech entrepreneur Elon Musk, is likely to launch its first Falcon 9 rocket since September's launchpad explosion on December 16. SpaceX's satellite launch customer Iridium Communications Inc. announced Thursday that its next-generation global satellite constellation, Iridium NEXT, will be launched on SpaceX's Falcon 9 rocket. Bank holding company Wells Fargo & Co., amid struggles to re-establish itself after the fake-account scandal, on Thursday said it has separated the roles of the Chairman and Chief Executive Officer formally, by amending the company's By-Laws. The amendment is also for the Chairman and Vice Chairman of the Board to be independent directors. The amendments were effective immediately.
comments powered by Disqus
Follow RTT