CeramTec Announces Acquisition of UK Electro-Ceramics Business from Morgan Advanced Materials
The transaction will be structured as a sale of the business, assets and goodwill for an enterprise value of GBP 47 million, which will be funded from cash on the balance sheet and payable at completion, which is expected in April 2017.
In the year ended 31 December 2016, the UK Electro-Ceramics business generated revenues of GBP 22,7 million and employed 251 persons. The business produces a range of piezo and dielectric ceramic products used in a wide range of industrial, electronics, medical and defense applications. For CeramTec, the acquisition will add complimentary capabilities and further build scale in these highly specialised markets. Tony Beswick, current Managing Director of Morgan Technical Ceramics, will continue to run the business under CeramTec’s ownership.