Vesuvius Plc's Capital Markets Day held on 29th of November

2012-11-30

Nov. 29, 2012 - Cookson Group plc ("Cookson") announced on 1 November 2012 that it proposed to demerge its Performance Materials division, such that Cookson would then consist principally of the Engineered Ceramics division, to be renamed Vesuvius plc ("Vesuvius").  These proposals were approved by the Court Meeting and General Meeting of Cookson shareholders on 26 November 2012 and the demerger is expected to become effective on 19 December 2012.
A presentation on Vesuvius for analysts and investors by François Wanecq (CEO-designate) and Chris O'Shea (CFO-designate), together with other members of the senior management team, is taking place today at the offices of BofA Merrill Lynch, 2 King Edward Street, London EC1A 1HQ at 10.00am.  The presentation will address Vesuvius' business, its strategy, and the detailed actions management are taking to drive margins and cash flows. 
Vesuvius will outline its position as a global leader in metal flow engineering, developing, manufacturing and marketing mission critical advanced ceramic consumable products and systems to demanding applications, primarily in the global steel and foundry industries.
The presentation will address how Vesuvius will execute its strategy whilst maintaining a rigorous focus on cash flow, profitability, and shareholder return.  Vesuvius will outline how it intends to maintain its technology and innovation leadership position; enlarge its addressable markets through increasing penetration of existing and new value-added solutions; leverage its strong developing market positions to capture growth; improve cost leadership and margins; and build a comprehensive offering in metal casting engineering.
In addition, Vesuvius will also provide further details on the actions that management are taking to drive margins and cash flows.  Whilst the overall trading environment remains consistent with the 8 October Interim Management Statement, management continues to proactively manage the cost base.  Since the 1 November demerger announcement additional measures have been actioned, most notably the permanent closures of a Solar Crucible™ production facility in Poland and two small Steel-related facilities in China and Germany.  These recent initiatives will increase the restructuring charge for 2012 from the £35m noted in the demerger announcement to around £60m, of which around three-quarters is non-cash related.