Cookson serves Buffett precious metals

Cookson, the materials science firm, has sold its American precious metals business to investment guru, Warren Buffett.

The actual purchaser is Richline, an offshoot of Buffetts's Berkshire Hathaway vehicle.

The cost of the transaction has not been revealed but today's announcement says: "The net cash consideration is subject to closing balance sheet adjustments but is expected to be sufficient for Cookson's exit from the business to be cash neutral."

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The gross assets of the businesses being acquired by Richline are about $69.8m (£44.4m) with Cookson's profitable European precious metals operation unaffected by the transaction.

The disposal has seen Cookson shares climb 5% in morning trading. Over the last 12 months, the stock is ahead by 7%.

BS