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 Unseen Charlie and the Chocolate Factory chapter deemed 'too subversive' released
- 2 Ebola virus: It's ripped through towns – now the deadliest ever outbreak of the virus is heading for Africa's teeming cities
- 3 Joan Rivers: 'Palestinians deserve to be dead'
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Israel-Gaza crisis: YouTube footage shows scale of destruction after 50 days of shelling
iPhone 6 'hidden code' could indicate sharper screens or bigger phones
Keira Knightley topless: Conservative actress does own take on #Freethenipple campaign for Interview Magazine
Joan Rivers: 'Palestinians deserve to be dead'
Ebola virus: It's ripped through towns – now the deadliest ever outbreak of the virus is heading for Africa's teeming cities
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
iJobs Money & Business
£40000 - £45000 per annum: Ashdown Group: An established professional services...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
£28 - 32k + Uncapped Commission: Guru Careers: A Business Development Manager ...
£40000 - £70000 per annum + Bonus+Benefits+Package: Harrington Starr: C# .NET ...