Cookson Group Buys Matrix For $13M

Cookson Group has acquired Matrix, a US-based maker of micron-tolerance precision engineered products, for an initial $13m (£7.8m) cash. For the year ended June 3, Matrix had sales of $1m and an operating profit of $2.6m. To the extent that average operating profits exceed current levels over the next three years, additional consideration equal to 3.75 times the average excess profit will be payable, up to a maximum $12m.