Morgan Advanced Materials PLC Divestment of Composites and Defence Systems (9666H)
21 November 2018 - 6:00PM
UK Regulatory
TIDMMGAM
RNS Number : 9666H
Morgan Advanced Materials PLC
21 November 2018
Press Release
Morgan Advanced Materials plc
21 November 2018
Morgan Advanced Materials announces divestment of its Composites
and Defence Systems business
Morgan Advanced Materials plc ("Morgan") announces that it has
completed the sale of its Composite and Defence Systems
("C&DS") business to 11046896 Canada Inc., a partnership
between The Pasqua First Nation of Saskatchewan, Canada and James
Kempston, who will serve as the Chief Executive Officer of
C&DS.
The sale values the business at GBP2.5m on a cash-free,
debt-free basis with GBP2m cash received on completion and the
balance to be paid by 21 January 2019. The transaction has been
structured to leave Morgan with the economic benefit of certain
assets, most notably the principal freehold property associated
with the business, as well as certain liabilities relating to the
exit of parts of the business. These liabilities were provided for
in the interim results for the half year ended June 2018.
In the year ended 31 December 2017, the C&DS business
generated a GBP1.1m headline operating loss on GBP21.0m of
sales.
The divestment follows Morgan's announcement of 23 April 2018 to
exit the business, and is in line with Morgan's strategy to
simplify its portfolio and focus on global technology businesses of
scale.
For further enquiries:
Morgan Advanced Materials
Pete Raby plc 01753 837 000
Peter Turner
Alison Lea Brunswick 0207 404 5959
The next scheduled update is the Group's Preliminary Full Year
results presentation on 26 February 2019.
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END
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