Livingstone’s Industrial sector team has successfully completed the sale of Hi-Tech Ceramics, a wholly-owned subsidiary of UK listed company Cookson Group plc, to Süd-Chemie AG, a global manufacturer of specialty chemicals based in Munich, Germany.
The deal was driven by Livingstone’s Chicago team and is the second trans-Atlantic divestment handled by Livingstone on behalf of Cookson, following the sale of refractories manufacturer Monofrax to Austrian group RHI in 2007.
During a 25-year history in Alfred, New York, Hi-Tech has developed a significant presence in the global filter industry, serving a diverse base of global casters, steel and iron foundries, and equipment manufacturers such as Alcoa, Caterpillar, and Precision Castparts Corp. Süd-Chemie emerged as the buyer from a global marketing process.
The divestiture of Hi-Tech was a condition attached to the European Commission‘s anti-trust approval of Cookson’s $1.2 billion acquisition Foseco plc, a leading global supplier of consumable products and services for the foundry and steel industries, in early 2008.
“We’re proud to have again been selected by Cookson to manage this important divestiture, and to post another successful cross border tombstone for an important corporate client,” said David Sulaski, Partner at Livingstone Chicago. “Hi-Tech will strengthen Süd-Chemie’s position as a leading manufacturer of foundry consumables for the global marketplace.”