Last checked at 29 Nov 2012 07:00
29 November 2012
COOKSON GROUP PLC - PROPOSED DEMERGER
ANALYST AND INVESTOR PRESENTATION - VESUVIUS PLC
Cookson Group plc ("Cookson") announced on 1 November 2012 that it proposed to demerge its Performance Materials division, such that Cookson would then consist principally of the Engineered Ceramics division, to be renamed Vesuvius plc ("Vesuvius"). These proposals were approved by the Court Meeting and General Meeting of Cookson shareholders on 26 November 2012 and the demerger is expected to become effective on 19 December 2012.
A presentation on Vesuvius for analysts and investors by François Wanecq (CEO-designate) and Chris O'Shea (CFO-designate), together with other members of the senior management team, is taking place today at the offices of BofA Merrill Lynch, 2 King Edward Street, London EC1A 1HQ at 10.00am. The presentation will address Vesuvius' business, its strategy, and the detailed actions management are taking to drive margins and cash flows.
Vesuvius will outline its position as 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.
The presentation will address how Vesuvius will execute its strategy whilst maintaining a rigorous focus on cash flow, profitability, and shareholder return. Vesuvius will outline how it intends to maintain its technology and innovation leadership position; enlarge its addressable markets through increasing penetration of existing and new value-added solutions; leverage its strong developing market positions to capture growth; improve cost leadership and margins; and build a comprehensive offering in metal casting engineering.
In addition, Vesuvius will also provide further details on the actions that management are taking to drive margins and cash flows. Whilst the overall trading environment remains consistent with the 8 October Interim Management Statement, management continues to proactively manage the cost base. Since the 1 November demerger announcement additional measures have been actioned, most notably the permanent closures of a Solar Crucible™ production facility in Poland and two small Steel-related facilities in China and Germany. These recent initiatives will increase the restructuring charge for 2012 from the £35m noted in the demerger announcement to around £60m, of which around three-quarters is non-cash related.
No new material financial information will be provided in the presentation.
The presentation will be webcast live on Cookson's website www.cooksongroup.co.uk and an archive version of the presentation will be available on the website from 9.00am on 30 November (see further details below).
For further information please contact:
Vesuvius plc Tel: +44 (0)207 822 0000
François Wanecq, CEO-designate
Chris O'Shea , CFO-designate
Maddy Cox-Smith, IR Manager
MHP Communications Tel: +44 (0)203 128 8100
John Olsen
Andrew Jaques
Ian Payne
Details of the webcast and audio feed:
A live webcast of the presentation will be available on Cookson's website www.cooksongroup.co.uk. In addition, a live audio feed is available using the dial in numbers below:
+44 (0)20 7136 2056 all participants
Confirmation code: 7173940
An archive version of the webcast will be available on Cookson's website from 9.00am on 30 November. In addition, an archive audio replay will be available until 13 December 2012 using the dial in numbers below:
+44 (0)20 3427 0598 non-US participants
+1 347 366 9565 US participants
Confirmation code (both non-US and US): 7173940#
About Vesuvius plc:
Vesuvius will comprise the former Engineered Ceramics and Precious Metals Processing divisions of Cookson.
The Engineered Ceramics division is 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 and in industries that require refractory materials for high temperature, abrasion resistant and corrosion resistant applications such as the aluminium, cement, glass and solar industries. The Precious Metals Processing division supplies fabricated precious metals (primarily gold, silver, platinum and palladium) to the jewellery industry in Europe and has significant precious metals recycling operations.
Vesuvius will be organised into three business segments:
• Steel, comprising the Engineered Ceramics division's Steel Flow Control and Advanced Refractories businesses;
• Foundry, comprising the Engineered Ceramics division's Foundry Technologies and Fused Silica businesses; and
• Precious Metals Processing.
Vesuvius had revenue of £2,012 million and a trading profit of £190.6 million in the year ended 31 December 2011. As at 30 June 2012, Vesuvius had approximately 12,100 employees.
Vesuvius' Board will comprise:
John McDonough CBE Chairman
François Wanecq Chief Executive
Chris O'Shea Finance Director
Christer Gardell Non-Executive Director
Jeff Hewitt Non-Executive Director
Jane Hinkley Non-Executive Director
Jan Oosterveld Non-Executive Director*
John Sussens Non-Executive Director*
*John Sussens will retire as a Vesuvius Director immediately following Vesuvius' 2013 annual general meeting. Jan Oosterveld also intends to retire as a Vesuvius Director immediately following Vesuvius' 2013 annual general meeting, subject to the appointment of his successor.