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Cookson Demerged Performance Materials Division
These proposals were approved by the Court Meeting and General Meeting of Cookson shareholders on 26 November 2012 and the demerger was expected to become effective on 19 December 2012. Vesuvius will outline its position as a global leader in metal flow engineering, developing, manufacturing and marketing mission critical advanced ceramic consumable products and systems to demanding applications, primarily in the global steel and foundry industries. Since the demerger announcement additional measures have been actioned, most notably the permanent closures of a Solar Crucible™ production facility in Poland and two small Steel-related facilities in China and Germany. These recent initiatives will increase the restructuring charge for 2012 from the GBP 35 million noted in the demerger announcement to around GBP 60 million, of which around three-quarters is non-cash related. Vesuvius will comprise the former Engineered Ceramics and Precious Metals Processing Divisions of Cookson. The Engineered Ceramics Division is a global leader in metal flow engineering, developing, manufacturing and marketing mission critical advanced ceramic consumable products and systems to demanding applications, primarily in the global steel and foundry industries and in industries that require refractory materials for high temperature, abrasion resistant and corrosion resistant applications such as the aluminium, cement, glass and solar industries. The Precious Metals Processing Division supplies fabricated precious metals (primarily gold, silver, platinum and palladium) to the jewellery industry in Europe and has significant precious metals recycling operations. Vesuvius will be organised into three business segments: Steel, comprising the Engineered Ceramics Division’s Steel Flow Control and Advanced Refractories businesses; Foundry, comprising the Engineered Ceramics Division’s Foundry Technologies and Fused Silica businesses; and Precious Metals Processing. (1/2013)
