Cookson Group Plc. (CKSN.L) Thursday said its Performance Materials division would be demerged to form a new London listed specialty chemicals company, called Alent Plc. The Cookson Group, consisting principally of Cookson's Engineered Ceramics division, will be renamed Vesuvius Plc.
According to the company, the demerger will create two distinct entities with separate strategic, capital and economic characteristics and management teams. The Board believes each of Alent and Vesuvius would rank as FTSE 250 companies, with Alent classified within the Speciality Chemicals segment and Vesuvius remaining classified within the General Industrials segment.
When effective, for every Cookson share held, the company's shareholders will hold one ordinary share in Vesuvius and one ordinary share in Alent.
Steve Corbett, CEO of Cookson's Performance Materials division, will become the Chief Executive of Alent and the Chairman will be Peter Hill, currently a member of the Cookson Board.
François Wanecq, CEO of Cookson's Engineered Ceramics division, will become the Chief Executive of Vesuvius and the Chairman will be John McDonough, formerly CEO of Carillion Plc.
The Alent Board and the Vesuvius Board have agreed that they intend to recommend final dividends for 2012 that aggregate to 15.0 pence per Cookson Share. Vesuvius intends to pay 9.5 pence per Vesuvius share and Alent plans to pay 5.5 pence per Alent share.
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