Acquisition

Morgan Crucible Co PLC
21 December 2007

   The Morgan Crucible Company plc ('Morgan Crucible') agrees to acquire the 
     Technical Ceramics businesses of Carpenter Technology Corporation for 
                               US$147 million

Morgan Crucible is pleased to announce that it has agreed to acquire two
technical ceramics businesses, Certech and Carpenter Advanced Ceramics, from
Carpenter Technology Corporation of the US. The businesses will be acquired on a
cash and debt free basis for a cash consideration of US$147 million (c. £73
million).

Certech manufactures a broad range of complex injection moulded ceramic
components.  Certech is the global number one independent manufacturer of these
consumable parts, which are used during the investment casting of turbine blades
and vanes for aerospace engines and industrial gas turbines, and some high end
industrial castings.  The business also manufactures a range of other porous
ceramics and various foundry supplies. Certech has seven plants in the US, UK
and Mexico and has approximately 750 employees.

Carpenter Advanced Ceramics is a manufacturer of engineered ceramics products
very similar to those of our existing Technical Ceramics operations. It sells
high purity alumina and zirconia structural ceramic components for a variety of
applications and industries and is a world leader in zirconia ceramics. It
operates two plants, one in the US and one in Australia, and has approximately
150 employees.

Both acquisitions are strongly aligned with the Group's existing core ceramic
technology and with its strategic priorities of focusing on higher growth,
higher margin, less economically cyclical markets. Following completion, Certech
and Carpenter Advanced Ceramics will become part of Morgan Crucible's Technical
Ceramics division.

In the financial year ended 30th June 2007 Certech and Carpenter Advanced
Ceramics in aggregate reported US$91 million (c. £45 million) of revenue, an
underlying operating profit margin of over 15% and profit before tax of US$14.3
million (c. £7.1 million). The acquisition will be immediately accretive to the
Group's operating profit margin and to its earnings per share, adding c.0.5
pence in 2008.*

Mark Robertshaw, Chief Executive Officer of Morgan Crucible, said: 'Today's
acquisitions are in-line with our strategic priority of focusing on higher
growth, higher margin, less economically-cyclical markets. They also enhance our
high value-added offering to customers and reinforce the standing of our
Technical Ceramics division as a global market leader in its chosen fields. The
strength of our balance sheet has afforded us the flexibility to seek such value
accretive acquisitions. Our Group overall order book remains robust and the
outlook for top line and margin growth is positive.'

Andrew Hosty, Chief Executive Officer of the Technical Ceramics division said:
'This is an exciting addition to our Technical Ceramics business. It supports
our goal of delivering mid-teen margins and increases our presence in the
growing aerospace sector.'


Enquiries:
Victoria Gould, The Morgan Crucible Company plc         01753 837306
Robin Walker / Clare Strange, Finsbury                  020 7251 3801

Note for Class 2 purposes:

As at 30th June 2007, Certech and Carpenter Advanced Ceramics had combined gross
assets of $58.2 million (c £28.9 million).

The closing of the transaction is subject to obtaining certain regulatory
clearances which are expected to be completed in early 2008.


* Nothing in this announcement constitutes a profit forecast, and the impact of
these acquisitions on Morgan Crucible's earnings per share and operating profit
margin in 2008 is not the only factor likely to give rise to a change from the
figures reported in the previous financial period.






                      This information is provided by RNS
            The company news service from the London Stock Exchange