Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

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

2/23/2012 4:00 AM ET

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

Editors Pick
Starbucks Corp. said Thursday after the markets closed that its second quarter profit rose 9.4% from last year, helped by higher revenue. The company's quarterly earnings per share came in line with analysts' expectations, but its quarterly revenue fell short of analysts' forecast. The world's largest specialty coffee retailer also raised its full year earnings outlook. Software giant Microsoft Corp. said Thursday after the markets closed that its third quarter profit fell 6.6% from last year, when results were boosted by special upgrade offer revenues. However, the company's quarterly earnings per share came in above analysts' expectations as did its quarterly revenue. Apple Inc. said Wednesday after the markets closed that its second quarter profit rose 7% from last year, as sales surged and margins improved amid strong sales of its iPhones. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. At the same time, the company gave a slightly downbeat revenue forecast for the current quarter.
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.