Slaughter and May is advising Morgan Advanced Materials plc (“Morgan”), the global manufacturer of advanced carbon and ceramic materials for complex and technologically demanding applications, on the sale of its global Molten Metals Systems (“MMS”) business to Vesuvius plc. Morgan’s MMS business provides crucibles products and melting solutions used in the production of non-ferrous metals globally from its sites in India, China and Germany.
The transaction is structured as an acquisition of Morgan's 75% shareholding in its Indian listed subsidiary, Morganite Crucible (India) Ltd, by Vesuvius' Indian listed subsidiary, Foseco India Ltd ("FIL"), with consideration for the acquisition being the issuance of new FIL shares to Morgan, plus a cash acquisition of the remainder of the MMS business by Vesuvius.
The disposal of MMS simplifies Morgan, and is in line with the Group's strategy to accelerate its organic growth and generate higher returns by focusing on specific faster growing markets. The transaction is expected to complete by early October 2025.
Slaughter and May worked as part of an integrated team with Morgan’s deal team, led by Richard Armitage, Chief Financial Officer, and Paul Boulton, General Counsel.