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On 28 August 2026, Morgan Advanced Materials plc completed the disposal of its full shareholding in Foseco India Limited (FIL), comprising 1.2 million shares or approximately 15% of FIL's issued share capital. The gross consideration received was approximately INR 6,530 million, with expected net proceeds of approximately £53 million to be used to reduce net debt. These FIL shares were previously received as partial consideration for the sale of Morgan's Molten Metal Systems business to Vesuvius plc, which completed on 12 November 2025.
| Date | 28 Aug 2026 |
| Time | 07:00:02 |
| Category | Disposals |
| ID | 4821S |
Press Release
Morgan Advanced Materials plc
28 August 2026
Disposal of shareholding in Foseco India Limited
Morgan Advanced Materials plc, the global leader in advanced ceramics and carbon systems for technologically demanding applications, is pleased to announce that it has completed the disposal of its full shareholding in Foseco India Limited ("FIL"), comprising 1.2 million shares and representing approximately 15% of FIL's issued share capital.
Gross consideration received was c. INR 6,530 million. We expect net proceeds of c. £53 million subject to finalisation of tax treatment. The proceeds will be used to reduce net debt, consistent with the Group's previously stated focus on de-leveraging. The Group continues to expect Leverage to be c. 1.7x by the end of FY 2026.
The FIL shares were received as partial consideration for the sale of the Molten Metal Systems business to Vesuvius plc, announced on 22 August 2025 and completed on 12 November 2025.
For further information, please contact:
|
Richard Armitage, CFO |
Morgan Advanced Materials |
01753 837 000 |
|
Nicholas Frost, Investor Relations |
Morgan Advanced Materials |
|
|
Martin Robinson |
Teneo |
0207 427 1572 |
|
Giles Kernick |
Teneo |
0207 427 5412 |