LONDON (ShareCast) - Metal flow engineering group Vesuvius has completed the sale of its Precious Metals Processing Division to a division of German industrial production giant L Possehl & Co mbH, leaving the company able to narrow its focus on its core operations.

The disposal, first announced in the spring, was a "important strategic step" for Vesuvius following the formation of the company after the demerger of Cookson last year.

"It represents the sale of a non-core asset and the final exit from precious metals processing, leaving Vesuvius principally focused on our core competence of molten metal engineering, serving the global steel and foundry industries," said Chief Executive François Wanecq in March.

Vesuvius sold the division for €56.8m in cash, which will partly be used a share buyback programme to return £30m back to shareholders. This will commence after the annual general meeting on Tuesday and take up to six months to complete.

The rest of the proceeds will go towards paying down Vesuvius' existing borrowings, the company said on Monday.

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