The precious metals subsidiary of Berkshire Hathaway Inc. (NYSE: BRK-A; BRK-B) has agreed to acquire the US business of UK precious metals firm Cookson Group PLC. No price was announced.
Richline Group, the Berkshire Hathaway subsidiary making the acquisition, has operations in the US and several other countries around the world. The company manufactures gold jewelry that is sold under different brands through retail distribution worldwide.
Cookson will retain its UK business. MarketWatch reports that the sales price is still to be determined:
Net cash consideration is subject to closing balance sheet adjustments but is expected to be sufficient for Cookson’s exit from the business to be cash neutral, including taking into account the restructuring and other costs incurred in preparing the business for sale. For the year ended Dec. 31, 2011, the U.S. Precious Metals business had revenue of $232 million, or GBP144 million, and net sales of $78 million, or GBP49 million.
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