Materials company Cookson has bought German fluxe maker Metallurgica to beef up its offering to the steel industry.
In case you were wondering, Metallurgica did not make the "flux capacitor" from Back to the Future. Metallurigca's fluxes (note the "e") are powders used in steel production. They absorb impurities in the steel and lubricate moulds.
In 2011, Metallurgica had revenues of approximately €48m (£40m) and trading profit of approximately £3.8m. Gross assets as at December 31st 2011 were approximately £20m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Commenting on the acquisition, Franois Wanecq, Chief Executive of Cookson's Engineered Ceramics division, said: "Metallurgica's expertise in fluxes represents an important further addition to our extensive range of Steel Flow Control products and services.
"This and the recent purchase of SERT, a provider of automation systems for molten metals processes, reflect our strategy of making bolt-on acquisitions to further strengthen our positioning in our core markets."
Cookson has been an interesting play over the last year, falling 40% between last May and September, since when it has shot up 61%. News of today's acquisition has pushed the stock up a further 1.77%.
BS
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
