Richline Group will acquire the U.S. precious metals division of the Cookson Material Products Group in the second quarter of 2012.
According to a Cookson statement, the gross assets of the businesses being acquired by Richline are approximately $69.8 million, and net assets roughly $60.2 million. It said its U.S. precious metals business had become “loss-making.”
Businesses in the United Kingdom, France, Hong Kong, Japan, and China that will distribute and sell Richline product are part of the acquisition, Richline said.
Richline, owned by Warren Buffett’s Berkshire Hathaway, said this deal demonstrates its commitment to the mill and findings segments of the businesses.
“Our strategy will be to manage the manufacturing group as a separate business committed to supplying the jewelry trade, along with other associated industries, with a high level of service and continued quality while supported with enhanced investments into the development of innovative products,” said Joe Esposito, Richline’s executive vice president of manufacturing, in a statement.
A Richline spokesman declined comment on a Reuters report that suggested it is about to purchase Italian jeweler UnoAErre.