LONDON, February 14, 2013 /PRNewswire/ --
Morgan Crucible announced a new organisational model based on a single, regional product offering and said its name will change to Morgan Advanced Materials.
The announcement coincided with the release of its preliminary results, which revealed underlying pre-tax profits had declined by 25 per cent as a result of restructuring costs in the Engineered Materials division. Underlying operating profits were 13 per cent lower.
Reflecting on performance, Mark Robertshaw, CEO, said: "2011 was the record ever set of results in our 156 year history. 2012, whilst a little bit down on 2011 was still our second-best ever year. I think we're in great shape for the future."
The "One Morgan" operating model will see the company reorganised based on a regional structure of North America, Europe and Asia/Rest of World.
Mr Robertshaw said this new model was primarily about growth.
"It's about putting us in a better position to go to our customers with the full range of our products and our capabilities," he said. "We do expect that there may be some streamlining and some rationalisation benefits on the back of this. But, predominantly, this is really about enhancing our ability to grow."
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SOURCE Morgan Crucible