Cookson’s Performance Materials division is to be demerged to form a new London listed specialty chemicals company, called Alent plc. The Cookson Group, consisting principally of Cookson’s Engineered Ceramics division, will be renamed Vesuvius plc. The Demerger will create two distinct entities with separate strategic, capital and economic characteristics and management teams and the Board believes each of Alent and Vesuvius would rank as FTSE 250 companies, with Alent classified within the Speciality Chemicals segment and Vesuvius remaining classified within the General Industrials segment:
- A leading global supplier of advanced surface treatment plating chemicals and electronics assembly materials. The principal end-market is global electronics production which accounts for approximately three-quarters of net sales value1 with the automotive and industrial end-markets the balance.
- For the year ended 31 December 2011 net sales value and adjusted trading profit2 were £418 million and £96 million respectively.
- Steve Corbett, the current CEO of Cookson’s Performance Materials division, will become the Chief Executive of Alent and the Chairman will be Peter Hill, currently a member of the Cookson Board and formerly CEO of Laird plc. Mike Butterworth, currently Finance Director of Cookson Group, will act as interim Finance Director of Alent.
- A global leader in metal flow engineering, developing, manufacturing and marketing mission-critical advanced ceramic consumable products and systems to demanding applications, primarily in the global steel and foundry industries. Vesuvius also supplies fabricated precious metals to the jewellery industry in Europe and has significant precious metals recycling operations.
- For the year ended 31 December 2011, revenue and adjusted trading profit were £1,818 million and £191 million respectively.
- François Wanecq, the current CEO of Cookson’s Engineered Ceramics division, will become the Chief Executive of Vesuvius and the Chairman will be John McDonough, formerly CEO of Carillion plc. Chris O’Shea, formerly CFO of BG Group’s Africa, Middle-East and Asia businesses, will become Finance Director of Vesuvius.