Ceramic Fuel Cells to Sell its Powder Plant Assets in the UK

18 Dec 2013


Ceramic Fuel Cells Limited (AIM/ASX: CFU) has announced that an agreement has been signed with the Materials Business Unit of ICL-PP Europe (“ICL-PP”) for the sale of CFU’s powder plant assets in Bromborough, UK, for £1,150,000 (circa A$2 million).

A change in production process has resulted in CFU no longer utilising the powder from the plant, hence, CFU has realised a surplus asset which will have no detrimental effect on the Company.

ICL-PP’s purchase of the powder plant assets arises from an exclusive option granted to it in 2012 to acquire the plant. ICL-PP has exercised its option to purchase the powder plant assets and has agreed to employ all the powder plant’s current employees.

Bob Kennett, Managing Director of CFU, said: “The sale of the powder plant assets is another positive step in the reorganisation and refocusing of the company on its core competencies. I am also delighted that all the staff of Ceramic Fuel Cells (Powder) Ltd will have ongoing employment with ICL-PP Europe.”

Commenting on the transaction, Mr. Rainer Gruber, leader of ICL-PP Europe's Materials Business Unit said, "Our purchase of CFU's powder plant assets will enable ICL-PP to substantially increase its business activities by entering into a new market of technical, medical and dental applications derived from ceramic specialties."


Source: Ceramic Fuel Cells Limited.


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