Morgan Crucible in pounds 170m chemicals sale
Tuesday 16 March 1999
The group is this week expected to announce it is selling the division for pounds 170m to Illinois Tool Works of the US to address a profit fall that led to a 30 per cent share plunge in January. Graham Swetman, finance director, said: "We are in discussions with a potential buyer about the chemicals division in line with what we said about our new strategy earlier this year."
Morgan warned in January that it expected full-year profits to be at least 15 per cent below expectations owing to weakening customer demand.
The chemical products division suffered last year from cuts in production by Boeing, one of its largest customers. A strike at General Motors and de-stocking by microchip makers also affected sales.
Ian Norris, Morgan's new chief executive, foreshadowed the sale when he announced the result of a strategy review earlier this year. He said the Windsor-based group, a world leader in five of its specialist materials, would now focus on ceramics and carbon. Further disposals are expected, and analysts urged the company to use proceeds for an acquisition.
- 1 Video of Irish 'professional boxer' fighting Istanbul neighbourhood goes viral in Turkey
- 3 A pint of water every day is the key to losing weight, scientists say
- 4 Russia 'accidentally reveals' number of its soldiers killed in eastern Ukraine
Video of Irish 'professional boxer' fighting Istanbul neighbourhood goes viral in Turkey
Nazi gold train: 'Significant' discovery made in Poland
Russia 'accidentally reveals' number of its soldiers killed in eastern Ukraine
Carol Vorderman reveals she is 'covered in burns' after she fell off her treadmill while running naked
TTIP controversy: The European Commission and Big Tobacco accused of cover-up after heavily redacted documents released
Dresden riots: Protesters in Germany attack refugee buses shouting 'foreigners out'
France train shooting: US soldiers speak of the moment they stopped gunman and 'beat him until he was unconscious'
Labour leadership: Jeremy Corbyn accused of 'deluding' young supporters with 'claptrap'
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith calls for urgent ESA overhaul as part of drive to cut down welfare costs
iJobs Money & Business
£13000 - £25000 per annum: Recruitment Genius: Would you like to be part of a ...
£20000 - £25000 per annum + competitive: SThree: Are you passionate about sale...
£25000 per annum + benefits: Ashdown Group: A large financial services company...
£20400 per annum: Ashdown Group: An established and highly reputable organisat...