Ceramic Fuel Cells Share News (CFU)

Ceramic Fuel Cells is selling its powder plant assets in Bromborough, UK, to the materials business unit of ICL-PP Europe for 1.15m pounds.CFU is no longer utilising the powder from the plant due to a change in the production process. The firm explained that it had realised a surplus asset which will have no detrimental effect.ICL-PP's purchase of the powder plant assets arises from an exclusive option granted to it in 2012 to acquire the plant. The business has exercised its option to purchase the powder plant assets and has agreed to employ all the powder plant's current employees. Bob Kennett, Managing Director of CFU, said: "The sale of the powder plant assets is another positive step in the reorganisation and refocusing of the company on its core competencies. I am also delighted that all the staff of Ceramic Fuel Cells (Powder) Ltd will have ongoing employment with ICL-PP Europe."Shares dipped 1.18% to 2.10p at 11:03 on Wednesday.RD