|
|
Apparently Berkshire's Richline Group didn't get the memo that Warren doesn't
like silver or gold.
Richline is involved in the fabrication of precious
metals into jewelry. The acquisition of US Precious Metals will bring them
into the mill and findings portion of the precious metals industry, as well
as acquiring European and Asian distribution channels.
A small deal for Berkshire, but it is a bit of fun.
I wonder if Warren will have an introductory note to Richline's
next company report, "May Is Gold Month." lol.
RTTNews
Cookson Group Sells US Precious Metals Business To Richline
Group
2/23/2012 4:00 AM ET
(RTTNews) - Cookson Group plc
reached an agreement to sell its US Precious Metals business, an operation
that forms part of its Precious Metals division, to Richline
Group Inc., an unit of Berkshire Hathaway Inc.
Earlier, Cookson announced that, following the US Precious Metals business
becoming loss-making, it had begun a strategic review and significant
downsizing of the business. Subsequently, Richline
expressed an interest in buying this business, and on 22 February 2012,
Cookson and Richline inked a deal for Richline to acquire the business, subject to normal legal
and regulatory closing provisions which may be completed in the 2012 second
quarter.
The net cash consideration is subject to closing balance sheet adjustments
but is expected to be sufficient for Cookson's exit from the business to be
cash neutral, including taking into account the restructuring and other costs
incurred in preparing the business for sale. The gross assets of the
businesses being acquired by Richline are nearly
$69.8m or 44.4 million pounds, while the net assets are about $60.2 milion.
JCK
Richline Acquires U.S. Precious Metals
Business
By Rob Bates
February 23, 2012.
Richline Group will acquire the U.S. precious
metals division of the Cookson Material Products Group in the second quarter
of 2012.
According to a Cookson statement, the gross assets of the businesses being
acquired by Richline are approximately $69.8
million, and net assets roughly $60.2 million. It said its U.S. precious
metals business had become “loss-making.”
Businesses in the United Kingdom, France, Hong Kong, Japan, and China that
will distribute and sell Richline product are part
of the acquisition, Richline said.
Richline, owned by Warren Buffett's Berkshire
Hathaway, said this deal demonstrates its commitment to the mill and
findings segments of the businesses...
A Richline spokesman declined comment on a Reuters
report that suggested it is about to purchase Italian jeweler UnoAErre.
|
|
