Morgan Advanced Materials PLC on Friday announced it completed the disposal of its full shareholding in Foseco India Ltd.
The Windsor, England-based manufacturer of specialist thermal, ceramic and carbon products said it sold 1.2 million shares in Foseco India, a 15% stake, for around £53 million.
“The proceeds will be used to reduce net debt, consistent with the group’s previously stated focus on de-leveraging,” the firm added.
Morgan Advanced received the Foseco India shares as part of the sale of its former Molten Metal Systems business to Vesuvius PLC last year.
Morgan Advanced shares rose 1.2% to 240.24 pence each on Friday morning in London.
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