Cookson expects to complete demerger in December

published 27 November 2012

Materials science firmCookson Group said it expects the demerger of its Performance Materials division will become effective next month, after shareholders voted in favour of the shake-up at Monday's annual general meeting.

The demerger, which was first announced on November 1st, will see its Performance Materials unit form a new London-listed speciality chemicals company called Alent.

Meanwhile, the Cookson Group, which will then consist mainly of its Engineered Ceramics division, will be renamed Vesuvius.

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Cookson said that he demerger is expected to complete on December 19th.

In a separate statement, the firm said that it has named David, current Chief Financial Officer of ESAB (owned by Colfax Corporation), as the new Finance Director of Alent.

Alent is to put a presentation on for analysts and investors in London on Tuesday, in which it will "outline its position as a leading global supplier of electronics assembly materials and advanced surface treatment plating chemicals, serving primarily the global electronics production industry, and also the automotive and other industrial markets."

Cookson said: "The presentations will highlight Alent's key strengths including its market leadership through differentiated products and solutions; its technology and fast cycle R&D providing innovation-driven growth; its participation in high growth end-markets; its global footprint close to industry defining customers in Asia; its longstanding and collaborative customer relationships; and its value-add sales strategy targeting OEMs."