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."
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
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
-
Where are ISA savers and investors putting their money?With less than three months until the end of the tax year, where are ISA savers and investors putting their money? We look at the latest ISA trends.
-
More than £53 billion held in fixed-rate cash ISAs will mature by April - where should savers move their money?If your fixed-rate cash ISA is maturing soon, we look at the options available to you
