TIDMCKSN
RNS Number : 2681S
Cookson Group PLC
29 November 2012
29 November 2012
COOKSON GROUP PLC - PROPOSED DEMERGER
ANALYST AND INVESTOR PRESENTATION - VESUVIUS PLC
Cookson Group plc ("Cookson") announced on 1 November 2012 that
it proposed to demerge its Performance Materials division, such
that Cookson would then consist principally of the Engineered
Ceramics division, to be renamed Vesuvius plc ("Vesuvius"). These
proposals were approved by the Court Meeting and General Meeting of
Cookson shareholders on 26 November 2012 and the demerger is
expected to become effective on 19 December 2012.
A presentation on Vesuvius for analysts and investors by
François Wanecq (CEO-designate) and Chris O'Shea (CFO-designate),
together with other members of the senior management team, is
taking place today at the offices of BofA Merrill Lynch, 2 King
Edward Street, London EC1A 1HQ at 10.00am. The presentation will
address Vesuvius' business, its strategy, and the detailed actions
management are taking to drive margins and cash flows.
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.
The presentation will address how Vesuvius will execute its
strategy whilst maintaining a rigorous focus on cash flow,
profitability, and shareholder return. Vesuvius will outline how it
intends to maintain its technology and innovation leadership
position; enlarge its addressable markets through increasing
penetration of existing and new value-added solutions; leverage its
strong developing market positions to capture growth; improve cost
leadership and margins; and build a comprehensive offering in metal
casting engineering.
In addition, Vesuvius will also provide further details on the
actions that management are taking to drive margins and cash flows.
Whilst the overall trading environment remains consistent with the
8 October Interim Management Statement, management continues to
proactively manage the cost base. Since the 1 November demerger
announcement additional measures have been actioned, most notably
the permanent closures of a Solar Crucible(TM) 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 GBP35m noted in the demerger announcement
to around GBP60m, of which around three-quarters is non-cash
related.
No new material financial information will be provided in the
presentation.
The presentation will be webcast live on Cookson's website
www.cooksongroup.co.uk and an archive version of the presentation
will be available on the website from 9.00am on 30 November (see
further details below).
For further information please contact:
Vesuvius plc Tel: +44 (0)207 822 0000
François Wanecq, CEO-designate
Chris O'Shea , CFO-designate
Maddy Cox-Smith, IR Manager
MHP Communications Tel: +44 (0)203 128 8100
John Olsen
Andrew Jaques
Ian Payne
Details of the webcast and audio feed:
A live webcast of the presentation will be available on
Cookson's website www.cooksongroup.co.uk. In addition, a live audio
feed is available using the dial in numbers below:
+44 (0)20 7136 2056 all participants
Confirmation code: 7173940
An archive version of the webcast will be available on Cookson's
website from 9.00am on 30 November. In addition, an archive audio
replay will be available until 13 December 2012 using the dial in
numbers below:
+44 (0)20 3427 0598 non-US participants
+1 347 366 9565 US participants
Confirmation code (both non-US and US): 7173940#
About Vesuvius plc:
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.
Vesuvius had revenue of GBP2,012 million and a trading profit of
GBP190.6 million in the year ended 31 December 2011. As at 30 June
2012, Vesuvius had approximately 12,100 employees.
Vesuvius' Board will comprise:
John McDonough CBE Chairman
François Wanecq Chief Executive
Chris O'Shea Finance Director
Christer Gardell Non-Executive Director
Jeff Hewitt Non-Executive Director
Jane Hinkley Non-Executive Director
Jan Oosterveld Non-Executive Director*
John Sussens Non-Executive Director*
*John Sussens will retire as a Vesuvius Director immediately
following Vesuvius' 2013 annual general meeting. Jan Oosterveld
also intends to retire as a Vesuvius Director immediately following
Vesuvius' 2013 annual general meeting, subject to the appointment
of his successor.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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