Asian downturn forces Morgan Crucible to sell division

Asian downturn forces Morgan Crucible to sell division

MORGAN CRUCIBLE is to sell its specialty materials unit to focus on its carbon and ceramics businesses, the hi-tech equipment maker said yesterday. The Windsor-based maker of fire bricks, ceramics and carbon electronics equipment said the decision to sell the specialty division, which produces advanced lubricants, metalworking products and electronic components for the aerospace, nuclear, telecoms and military industries, followed the economic downturn in Asia, where Morgan has several units. Morgan Crucible shares rose 6p, or 2 per cent, to 301p, after the company reported a 3.5 per cent rise in first-half profits and said profit was likely to be higher in the second half, if only because of acquisitions.