Last checked at 19 Feb 2015 14:02
19 February 2015
Settlement with MacDermid, Inc. on legacy corporate activity
Vesuvius plc, a global leader in molten metal flow engineering notes the announcements made by Alent plc and Platform Speciality Products Corporation regarding the resolution of litigation arising out of corporate activity relating to Cookson Group plc's Performance Materials Division (now Alent plc) dating back to autumn 2006.
The pending litigation was noted in the contingent liability note of Vesuvius' 2013 Annual Report and Accounts. Pursuant to the terms of the demerger of Vesuvius and Alent plc, Vesuvius is required to contribute 50% of any net settlement liability. Vesuvius will pay US$10m (GBP£6.4m) as its share of the full and final settlement of the litigation.
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For further information please contact:
Shareholder/analyst enquiries:
Vesuvius plc
Nicolas Matheï, Group Head of Corporate Finance +44 (0) 207 822 0000
Virginia Skroski, Investor Relations Manager +44 (0) 207 822 0016
Media enquiries:
MHP Communications
John Olsen/ Tim Roundtree/ Jamie Ricketts +44 (0) 203 128 8100
About Vesuvius plc
Vesuvius is a global leader in molten metal flow engineering principally serving the steel and foundry industries.
We develop innovative and customised solutions, often used in extremely demanding industrial environments, which enable our customers to improve their manufacturing processes, enhance product quality and reduce energy consumption. These include flow control solutions, advanced refractories and other consumable products and - increasingly - related technical services including data capture.
We have a worldwide presence, serving our customers through a network of low-cost manufacturing plants located close to their own facilities, and by embedding our industry experts within their operations, all supported by our global technology centres.
Our core competitive strengths are our market and technology leadership, strong customer relationships, well established presence in developing markets and our global reach, all of which enable us to expand our addressable markets.
Our ultimate goal is to create value for our customers in order to deliver sustainable, profitable growth and provide our shareholders with a superior return on their investment whilst providing each of our employees with a safe workplace where he or she is recognised, developed and properly rewarded.