Cookson sold to Warren Buffet company
Cookson Group Plc advanced to the highest in more than seven months in London after Richline Group, owned by Warren Buffett’s Berkshire Hathaway Inc., agreed to buy its unprofitable U.S. precious metals business.
Cookson climbed 4.7 percent to 670 pence by the close, the highest since July 7, 2011. The sale is expected to be completed in the second quarter and while a price wasn’t given, the exit is expected to be “cash neutral” for the company including the costs of the deal, London-based Cookson said in a statement.
The company said Nov. 10 it was reviewing the unit, which supplies fabricated gold, silver and platinum to jewelers, after a loss. The operation had sales of $232 million last year.
Richline is a U.S. jewelry maker wholly owned by Berkshire. It was formed after Omaha, Nebraska-based Berkshire bought producers Bel-Oro International Inc. and Aurafin LLC in 2007
About Cookson: (www.cooksongold.com)
Cookson Precious Metals Division
The Precious Metals division is a leading supplier of fabricated precious metals (primarily gold, silver and platinum) to the jewellery industry in the US, UK, France and Spain. Products include alloy materials, semi-finished jewellery components and finished jewellery.
With manufacturing operations in the USA, the UK, Thailand and Europe, its Mill Products business supplies gold and silver alloy, wire, sheets, tubing and casting grains and is also a major supplier of blanks for coins and medals to customers in the UK and USA, including the US Mint. The sector also produces findings, which are high quality carat gold, gold-filled and sterling silver jewellery components, such as clasps and beads.
The Findings and Components business has a reputation for high quality products and service, as well as for developing a close working relationship with customers. For example, we develop and produce new products through close collaboration with the buyers and designers at the world-renowned jewellers, Tiffany & Co.
Cookson Precious Metals UK – Cooksongold.com
www.cooksongold.com is the UK's largest one-stop shop for the jewellery maker with over 12,000 products including a huge stock of silver, gold, palladium and platinum bullion cut to your requirements (sheet, wire, tube, solder, grain, settings) as well as huge ranges of findings, loose and finished chain, gemstones, ring blanks, jewellery making tools, silver clay, beading materials and much more. With almost 20 years experience in the industry, we despatch thousands of parcels every week for next day delivery to designer jewellers, retailers, independent craftsmen, goldsmiths and silversmiths, jewellery students, artisans and craft enthusiasts all over the world.
All our key product categories are further supported by a great selection of boxes and packaging, display materials, storage, finished jewellery and charm bead collection as well as a huge range of workshop consumables, tools and machinery. Cooksongold are also stockists of the industry’s biggest brands such as Swarovski, Beadalon, Dremel, PMC, Art Clay and Fimo, not to mention Reflections Silver, our very own enhanced tarnish resistant alloy, a harder, whiter and superior alternative to sterling silver.
As well as providing the best and most reliable delivery service proposition in the industry, all products online are backed by a massive stock holding - ensuring our customers get what they want when they want it, all priced dynamically in line with the latest metal fix.
Cookson Group PLC
Cookson Precious Metals are part of Cookson PLC, a leading materials science company, operating on a worldwide basis in Ceramics, Electronics and Precious Metals markets.
Cookson aims to add value to our customers' businesses by providing products, processes and services that allow them to increase the efficiency and quality of their operations. Throughout the world, Cookson companies supply leading technology, supported by outstanding technical service. Cookson employs over 15,000 people in more than 40 countries, selling its products in over 100 countries. Cookson is a FTSE 250 company listed on the London Stock Exchange and headquartered in London.Click here to view the Cookson Group Corporate website.