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Bids, Mergers and Takeovers

MGAM agrees sale of UK Electro-Ceramics business

22 February 2017 07:38

Morgan Advanced Materials has agreed the sale of its UK Electro-Ceramics business to CeramTec UK Ltd, a subsidiary of CeramTec GmbH.

The transaction is structured as a sale of the business, assets and goodwill for a consideration of £47m on a cash-free, debt-free basis, payable in cash at completion.

The Uk Electro-Ceramics business comprised two sites at Ruabon and Southampton.

"The divestment is in line with Morgan's strategy to simplify its portfolio and focus on global technology businesses of scale," the company said.

Proceeds would be used for re-investment in the core business.

The UK Electro-Ceramics business produces a range of piezo and dielectric ceramic products used in a wide range of industrial, electronics, medical and defence applications.

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