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MGAM Morgan Advanced Materials Plc

285.00
-4.50 (-1.55%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Morgan Advanced Materials Plc LSE:MGAM London Ordinary Share GB0006027295 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -4.50 -1.55% 285.00 287.00 287.50 289.50 287.00 288.50 729,680 16:35:07
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Carbon And Graphite Products 1.12B 47.3M 0.1663 17.26 816.52M

Morgan Advanced Materials PLC Annual Financial Report (0046V)

03/04/2019 11:22am

UK Regulatory


Morgan Advanced Materials (LSE:MGAM)
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TIDMMGAM

RNS Number : 0046V

Morgan Advanced Materials PLC

03 April 2019

Morgan Advanced Materials plc

3 April 2019

Publication of 2018 Annual Report and Notice of 2019 Annual General Meeting

The following documents have today been posted or otherwise made available to shareholders:

a. Annual Report and Financial Statements for the year ended 31 December 2018 (2018 Annual Report);

b. Notice of the 2019 Annual General Meeting (AGM) to be held at the offices of Addleshaw Goddard LLP, Milton Gate, 60 Chiswell Street, London EC1Y 4AG on Friday 10 May 2019 at 10.30 am; and

   c.   Form of Proxy for the 2019 AGM. 

In accordance with Listing Rule 9.6.1, a copy of each of these documents has been uploaded to the National Storage Mechanism and will be available for viewing shortly at: www.morningstar.co.uk/uk/NSM

The documents are also available in the 'Investors' section of the Company's website at: www.morganadvancedmaterials.com.

The Company's preliminary results announcement of 26 February 2019 contained a management report as well as audited financial statements which were prepared in accordance with the applicable accounting standards. The financial information set out in the Company's preliminary results announcement of 26 February 2019 does not constitute the Company's statutory accounts for the year ended 31 December 2018. Statutory accounts for 2018 are included in the 2018 Annual Report, which will be delivered to the registrar of companies following the Company's 2019 AGM. The auditors have reported on those accounts; their report was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006 in respect of the accounts for 2018.

The information below, which is extracted from the 2018 Annual Report, is included solely for the purpose of complying with DTR 6.3.5. This information should be read in conjunction with the Company's preliminary results announcement issued on 26 February 2019 (available at www.morganadvancedmaterials.com). This announcement is not a substitute for reading the full 2018 Annual Report. All page numbers and cross-references in the extracted information below refer to page numbers in the 2018 Annual Report.

Related party transactions

There are no related party transactions requiring disclosure.

Risk management

Morgan has an established risk management methodology which seeks to identify, prioritise and mitigate risks, underpinned by a 'three lines of defence' model comprising an internal control framework, internal monitoring, and independent assurance processes.

The Board considers that risk management and internal control are fundamental to achieving the Group aim of delivering long-term sustainable growth in shareholder value.

Risks are identified both 'top down' by the Board and the Executive Committee, and 'bottom up' through the Group's global business units (GBUs) and Divisions, and are quantified by assessing their inherent impact and mitigated probability to ensure that residual risk exposures are understood and prioritised for control throughout the Group.

Senior executives are responsible for the strategic management of the Group's principal risks, including related policy, guidelines and process, subject to Board oversight.

Throughout 2018, the Board reviewed the status of all principal risks with a significant potential impact at Group level. Additionally, the Audit Committee carried out focused risk reviews of each Division/GBU. These reviews included an analysis of the principal risks, and the controls, monitoring and assurance processes established to mitigate those risks to acceptable levels. As a result of these reviews, a number of actions were identified to continue to improve internal controls and the management of risk.

High-level guidance on the Board's appetite for different risks is included again this year. The Group is willing to take considered risks to develop new technologies, applications, partnerships and markets for its products, and to meet customer needs. The Group strives to eliminate risks to product quality and health and safety, which are essential to the success of our products and the safety of our people and contractors.

The appetite for risk in the areas of legal and regulatory compliance is extremely low and the Group expects its businesses to comply with all laws and regulations in the countries where they operate. The Group has a low appetite for financial risk. Certain risks, such as pension funding, are likely to take a longer period of time to be mitigated. During the year the Board monitored the Group's current risk exposure relative to the Board's appetite for different risks. There were no risks where the current risk exposure exceeded the Board's risk appetite.

As in 2017, an indication of the Board's assessment of the trend of each risk - whether the potential impact has increased, decreased or is broadly unchanged over the past year - is included. The Board has also identified new risks to the delivery of the Group's strategy and these are indicated in the table below.

The following are the Group's principal risks and uncertainties, representing those risks that the Board feels could have the most significant impact on achieving the Group's strategy of building a sustainable business for the long-term and delivering strong returns to the Group's shareholders.

 
 Risk description, assessment                Mitigation 
  and trend from 2017 
 STRATEGIC AND EXTERNAL RISKS 
                                            ------------------------------------------ 
 1. Technical leadership                     The Group has a dedicated 
  The Group's strategic success               technology team within each 
  depends on maintaining and                  Global Business Unit which 
  developing its technical leadership         monitors relevant technology 
  in materials science over                   and business 
  its competitors.                            developments using technology 
                                              roadmaps linked to 20 major 
  Unforeseen/unmitigated technology           technology families to ensure 
  obsolescence, the emergence                 it remains at the leading 
  of competing technologies,                  edge of 
  the loss of control of proprietary          development. Three global 
  technology or the loss of intellectual      Centres of Excellence were 
  property/know-how would impact              previously established, with 
  the Group's business and its                a fourth Centre opened at 
  ability to deliver on its strategic         Penn State University, Pennsylvania, 
  goals.                                      US, in 2018. These Centres 
                                              focus Morgan's expertise and 
  The advanced technological                  research resources on core 
  nature of the Group requires                technologies. They are supported 
  people with highly differentiated           by a Technical Advisory Board 
  skillsets. Any inability to                 comprising some of the world's 
  recruit, retain and develop                 leading academics in relevant 
  the right people would negatively           fields, who provide continuing 
  impact the Group's ability                  insight, advice and challenge 
  to achieve its strategic goals.             to inform the Group's technology 
                                              plans. 
  Trend                                       The technology team proactively 
  Unchanged                                   manages the Group's technology 
                                              pipeline and R&D investment 
                                              in existing technologies, 
                                              as well as actively managing 
                                              the technology lifecycle. 
                                              The technology pipeline and 
                                              key R&D projects are regularly 
                                              reviewed by the Executive 
                                              Committee and the Board. 
 
                                              Where Group products are designed 
                                              for a specific customer, they 
                                              are developed in partnership 
                                              with the customer in order 
                                              to 
                                              maintain leading-edge differentiation. 
                                              The Group seeks to secure 
                                              intellectual property protection, 
                                              where appropriate, for its 
                                              existing and emerging portfolio 
                                              of products; external advisers 
                                              manage this protection globally. 
 
                                              The Group continued its global 
                                              leadership programme adding 
                                              an advanced programme to develop 
                                              more high-potential commercial, 
                                              functional and technical leaders. 
                                              The graduate leadership programme 
                                              continued to run in 2018. 
                                            ------------------------------------------ 
 2. Operational execution /                  Changes to operational processes 
  organisational change / sales               are carefully considered by 
  effectiveness                               site, GBU and Divisional management 
  As part of the Group's strategy             before implementation. Operational 
  to improve the efficiency of                improvements and savings are 
  its operations and organisation,            monitored against budget by 
  various changes have been made              the Executive Committee to 
  to operational processes at                 ensure that changes deliver 
  individual sites, to the Group's            the savings promised without 
  structure, and the structure                disruption to business operations. 
  of and incentives for our sales             New capital investments are 
  force. Further improvements                 approved at appropriate levels 
  and changes are planned for                 of the Group and delivery 
  future years. Failure to adequately         of these overseen by GBU and 
  manage these changes could                  Group management. 
  result in interruption to operations 
  or customer service, or a failure           Organisational changes are 
  to maximise the Group's opportunities.      assessed by the CEO, the Executive 
                                              Committee and sometimes the 
  Trend                                       Board before being implemented 
  Unchanged                                   in line with local employment 
                                              regulations. 
 
                                              Changes to our sales structures 
                                              and incentives are reviewed 
                                              at various levels of the organisation 
                                              before being launched. Further 
                                              activities to improve sales 
                                              effectiveness are being rolled 
                                              out in 2019, including sales 
                                              force training, more targeted 
                                              incentives and pricing initiatives. 
                                            ------------------------------------------ 
 3. Portfolio management                     The Board performs regular 
  The Group operates across a                 reviews of the Group's portfolio. 
  range of product and technology             During 2018 the Group disposed 
  families. These are subject                 of the Composites and Defence 
  to long-term market trends                  Systems business and exited 
  which may lead to either obsolescence       its Thermal Ceramics site 
  or opportunities to further                 in Brazil, and announced the 
  expand the Group. Failure to                closure of its China ceramics 
  proactively manage the Group's              cores business and Venezuelan 
  portfolio of businesses in                  Thermal Ceramics business. 
  line with this technology profile 
  could lead to the value of                  Opportunities to acquire businesses 
  the Group's businesses being                are reviewed on a continuing 
  eroded over time or to a failure            basis. 
  to exploit opportunities to 
  acquire businesses with the 
  capability to add further value 
  to the Group. 
 
  Trend 
  Decreased 
                                            ------------------------------------------ 
 4. Macro-economic and political             The Group's broad market and 
  environment                                 geographic spread helps to 
  The Group operates in a range               mitigate the effects of political 
  of markets and geographies                  and economic changes. 
  around the world and could 
  be affected by political, economic,         Budgets and forecasts for 
  social or regulatory developments           Morgan's different businesses 
  or instability, for example                 are used to monitor delivery 
  an economic slowdown or issues              against expectations and anticipate 
  stemming from oil and natural               potential external risks to 
  resources price shocks.                     performance. These are subject 
                                              to regular review by the Executive 
  The UK's exit from the EU may               Committee and the Board. 
  have an impact on the Group 
  if subsequent tariff changes,               The overall macro-economic 
  or border effects, negatively               environment has improved during 
  impact the profitability of                 the course of the year as 
  the Group's products. The current           shown by the Group's strong 
  value of Group UK exports to                organic sales growth. However 
  the EU is approximately GBP25               some longer-term metrics are 
  million, and imports into the               showing signs of potential 
  UK from the EU are approximately            weakness. 
  GBP15 million. 
                                              Global issues considered by 
  Trend                                       the Board this year include 
  Increased                                   the impact of the UK's exit 
                                              from the EU and US / China 
                                              trade relations. The impact 
                                              of the UK's exit from the 
                                              EU could be mitigated in the 
                                              medium term by moving production 
                                              to alternative sites where 
                                              tariffs are not applied to 
                                              products. 
                                            ------------------------------------------ 
 OPERATIONAL RISKS 
                                            ------------------------------------------ 
 5. Environment, health and                  Managing its operations safely 
  safety (EHS)                                is the Group's number one 
  The Group operates a number                 priority. The Group has a 
  of manufacturing facilities                 comprehensive EHS programme 
  around the world. A failure                 managed by the Group EHS Director, 
  in the Group's EHS procedures               with clear EHS standards and 
  could lead to environmental                 a refreshed programme of audits 
  damage or to injury or death                to assess compliance. 
  of employees or third parties, 
  with a consequential impact                 The Group EHS Director sets 
  on operations and increased                 annual priorities for EHS 
  risk of regulatory or legal                 which are approved by the 
  action being taken against                  EHS Steering Group (comprising 
  the Group. Any such action                  the Executive Committee and 
  could result in both financial              global business unit leads) 
  damages and damage to reputation.           These form the basis for individual 
  Given the long history of many              sites' own EHS priorities 
  of the operations of the Group,             and plans, and complement 
  there is also a risk that historical        the Group's 'thinkSAFE' behavioural 
  operating and environmental                 safety programme. 
  standards may not have met 
  today's environmental regulations.          EHS performance is monitored 
  In addition, the Group may                  by the EHS Steering Group 
  have obligations relating to                and the Board. 
  prior asset 
  sales or closed facilities.                 As at 31 December 2018, the 
                                              Group was managing projects 
  Trend                                       to remediate legacy contamination 
  Unchanged                                   at a number of former 
                                              operational sites in conjunction 
                                              with external specialists 
                                              and relevant authorities. 
                                            ------------------------------------------ 
 6. Product quality, safety                  Many of the Group's products 
  and liability                               are designed to customer specifications. 
  Products used in applications               Our businesses' quality management 
  for which they were not intended            systems and training help 
  or inadequate quality control/over          ensure that all of Morgan's 
  commitment on customer specifications       products meet or exceed customer 
  could result in products not                requirements and national/international 
  meeting customer requirements,              standards. 
  which could in turn lead to 
  significant liabilities and                 The Group Legal Policy requires 
  reputational damage.                        that contracts relating to 
                                              products used in potential 
  Some of our products are used               high-risk applications are 
  in potentially higher risk                  subject to legal review to 
  applications, for example in                ensure that appropriate protections 
  the aerospace, automotive,                  are in place for product quality 
  medical and power industries.               risks. 
 
  Trend                                       The Group insurance programme 
  Unchanged                                   includes product liability 
                                              insurance; this Group-level 
                                              insurance is reviewed annually 
                                              by the Board. 
                                            ------------------------------------------ 
 7. IT and cyber security                    The Group has an IT Policy 
  Information security/cyber                  and guidelines in place as 
  risks are dynamic and ever-present          well as Group and business 
  in the external environment.                IT teams to manage the Group's 
  If the Group were to lose critical          infrastructure, IT systems 
  data or information, including              and information security risks. 
  proprietary technology information,         A new Chief Information Officer 
  through inadequate data management          was appointed in 2018 to further 
  or compromised information                  develop the Group's IT strategy. 
  security, the business would 
  be impacted and could suffer                In 2018 the Group was required 
  reputational damage.                        to comply with the National 
                                              Institute of Standards and 
  The effective management of                 Technology (NIST) cybersecurity 
  the Group's Information Technology          framework in the US and the 
  (IT) infrastructure is important            EU's General Data Protection 
  in enabling our businesses                  Regulations. The Group has 
  to reliably deliver customer                successfully implemented programmes 
  requirements. If a key business             to deliver compliance with 
  system were to fail or core                 these requirements. 
  systems implementation were 
  to be ineffective, the ability              The Group continues to deploy 
  of the business to deliver                  and upgrade enhanced enterprise 
  on its strategic goals might                resource planning (ERP) systems 
  be impacted.                                in those businesses where 
                                              a need for improvement is 
  Trend                                       identified. These deployments 
  Unchanged                                   are managed in line with IT 
                                              project management standards. 
                                            ------------------------------------------ 
 8. Supply chain / business                  The Group has a diversified 
  continuity                                  manufacturing, customer and 
  The Group has a number of potential         geographic base which provides 
  single-point exposure risks,                a level of resilience against 
  which include:                              single-point exposures. Were 
                                              any site to be unavailable, 
  >> Single-point supplier -                  production in many cases could 
  a significant interruption                  be switched to other sites. 
  of a key internal or external 
  supply could impact business                Management of these risks 
  continuity.                                 also involves monitoring and 
                                              reviewing supply chains (internal 
  >> Single-point customer -                  and external), dual/multiple 
  the unmitigated loss of a major             sourcing of materials or strategic 
  customer could have an impact               stock, site security and safety 
  on Group profit. The Group's                mechanisms, business continuity 
  largest customer represents                 plans, maintenance of product 
  circa 2% of Group revenue.                  quality and strong customer 
                                              relationships. 
  >> Single-point site - a key 
  site exposed to a strike, a                 The Group insurance programme 
  natural catastrophe or serious              includes business interruption 
  incident, such as fire, could               cover and specific cover in 
  impact                                      relation to the impact of 
  business continuity. One Group              an earthquake in California, 
  site, Hayward, is situated                  US; this Group-level insurance 
  in the California earthquake                is reviewed annually by the 
  zone, (US). Certain of the                  Board. 
  Group's businesses are important 
  for intercompany supply purposes. 
 
  Trend 
  Unchanged 
                                            ------------------------------------------ 
 FINANCIAL RISKS 
                                            ------------------------------------------ 
 9. Treasury                                 The Group's treasury function 
  The Group's global reach means              operates on a risk-averse 
  that it is exposed to uncertainties         basis. Required controls over 
  in the financial markets, the               selection of banks, cash management 
  fiscal jurisdictions where                  and other treasury practices 
  it operates, and the banking                and payments globally are 
  sector. These heighten the                  documented in Morgan's Treasury 
  Group's funding, foreign exchange,          Policy and related procedures. 
  tax, interest rate, credit                  The Group treasury team manages 
  and liquidity risks as well                 the Group's funding, liquidity, 
  as the risk that a bank                     cash management, interest 
  failure could impact the Group's            rate, foreign exchange, counterparty 
  cash.                                       credit and other treasury-related 
                                              risks. Treasury matters are 
  Trend                                       regularly reviewed by the 
  Decreased                                   Board and Audit Committee. 
 
                                              In 2018 the Group successfully 
                                              refinanced its GBP200 million 
                                              Revolving Credit Facility 
                                              for a five-year term. Additionally 
                                              the Group concluded a US Private 
                                              Placement transaction, utilising 
                                              shelf agreements already held 
                                              with Private Placement lenders, 
                                              raising $25 million and EUR25 
                                              million. The initial EUR25 
                                              million was funded on 27 December 
                                              2018, with the funding of 
                                              the $25 million completed 
                                              in January 2019. 
                                            ------------------------------------------ 
 10. Tax                                   The Group's tax function, 
  The Group operates in many                working in conjunction with 
  jurisdictions around the world            external specialists as required, 
  and could be affected by changes          closely monitors fiscal developments 
  in tax laws and regulations               and changes such as BEPS, 
  within the complex international          to ensure that the Group's 
  tax environment.                          tax arrangements and practices 
                                            continue to comply with the 
  The OECD's Base Erosion and               requirements of all relevant 
  Profit Shifting (BEPS) framework          jurisdictions whilst also 
  provides additional obligations           enabling efficient management 
  and filing requirements for               of the tax liability. The 
  the Group as countries implement          Group's Head of Tax reports 
  the actions in the framework.             twice-yearly to the Audit 
  These could have an impact                Committee on key tax issues 
  on the tax paid by the Group.             and initiatives. 
 
  Tax reform in the US could                The Group has published its 
  also impact the Group's tax               tax strategy on its website 
  rate.                                     in line with UK corporate 
                                            governance requirements. 
  Trend 
  Unchanged 
                                          -------------------------------------------- 
 11. Pension funding                       Morgan's primary means of 
  The Group sponsors several                mitigating pensions funding 
  defined benefit pension arrangements,     risk is proactive management 
  (the Schemes), whose liabilities          of the pension scheme assets 
  are subject to fluctuating                and liabilities through an 
  interest rates, investment                integrated pension strategy 
  values and inflation. This                focusing on funding, investment 
  coupled with the increased                and benefit risk. This involves 
  longevity of members will result          both internal management within 
  in increased funding burdens              the Group and also externally 
  on the Group in the future.               through the Scheme Trustees, 
                                            corporate actuaries and professional 
  The deficit in Morgan's global            advisers. 
  defined benefit pension schemes 
  calculated on the basis required          In the UK, the Morgan Senior 
  for IAS 19 accounting disclosures         Executive Pension and Life 
  decreased from GBP218 million             Assurance Scheme closed to 
  at 31 December 2017 to GBP190.4           future accrual in April 2016 
  million as at December 2018.              and the Morgan Pension Scheme 
                                            closed to future accrual in 
  Trend                                     April 2018. In consultation 
  Unchanged                                 with the Company, the Trustees 
                                            have also adopted a pro-active 
                                            approach to the management 
                                            of risk in the Schemes' investment 
                                            portfolios, significantly 
                                            reducing their unhedged interest 
                                            and inflation rate exposure. 
 
                                            In the US, in June 2016 one 
                                            Defined Benefit Pension Plan 
                                            completed a full legal termination, 
                                            and for the other remaining 
                                            Scheme, a formal offer of 
                                            a present-value-equivalent, 
                                            lump-sum cash payment was 
                                            made to members. In December 
                                            2017, the Company made an 
                                            additional contribution of 
                                            $36 million to this Scheme. 
                                          -------------------------------------------- 
 12. Contract management                   The Group has an in-house 
  As a global advanced materials            legal function supplemented 
  business supplying components             by specialist external lawyers. 
  into critical applications, 
  the Group may be exposed to               The Group Legal Policy requires 
  liabilities arising from the              in-house legal review of high-value 
  use of its products. Ineffective          or high-risk contracts to 
  contract risk management could            ensure they contain appropriate 
  result in significant liabilities         protections for the Group. 
  for the Group and could damage            The Policy requires CEO approval 
  customer relationships.                   before a business can enter 
                                            into an unlimited liability 
  Trend                                     contract or one where the 
  Unchanged                                 liability cap exceeds GBP5 
                                            million. 
 
                                            To the extent that risk cannot 
                                            be mitigated through contractual 
                                            arrangements, the Group has 
                                            insurance cover in place, 
                                            including 
                                            product liability insurance. 
                                          -------------------------------------------- 
 13. Compliance                            The Group is committed to 
  The Group's global operations             the highest standards of corporate 
  must comply with a range of               and individual behaviour. 
  national and international                To support this, in 2018 the 
  laws and regulations including            Group issued the Morgan Code. 
  those related to bribery and              The Morgan Code defines the 
  corruption, human rights, trade/export    Group's approach to doing 
  compliance and competition/anti-trust     business ethically and confirms 
  activities.                               Morgan's commitments to high 
                                            standards of ethical behaviour. 
  A failure to comply with any              The Morgan Code is supported 
  applicable laws/regulations               by a range of policies, standards 
  could result in civil or criminal         and guidance; training materials; 
  liabilities and/or individual             the provision of an ethics 
  or corporate fines and could              hotline for employees; and 
  also result in debarment from             systems to support effective 
  government-related contracts              screening of and due diligence 
  or rejection by financial market          on third parties. 
  counterparties and reputational 
  damage.                                   Further improvements to the 
                                            programme are planned in 2019, 
  Trend                                     including enhanced training, 
  Unchanged                                 a refresh of the ethics hotline 
                                            and further reviews of businesses 
                                            operating in higher risk locations. 
 
                                            The Group also has an Export 
                                            Compliance Director in the 
                                            US whose role is dedicated 
                                            to ensuring compliance with 
                                            export controls. 
 
                                            In addition to Group-level 
                                            compliance specialists, our 
                                            businesses are required to 
                                            establish compliance officer 
                                            roles, which are responsible 
                                            for supporting local training 
                                            and monitoring. Morgan also 
                                            employs country-specific trade 
                                            and export compliance specialists 
                                            in higher risk businesses 
                                            and jurisdictions. 
                                          -------------------------------------------- 
 
 

Directors' Responsibility Statement

The 2018 Annual Report contains the following statements regarding responsibility for the financial statements in compliance with DTR 4.1.12. Responsibility is for the 2018 Annual Report and Financial Statements and not the condensed statements required to be set out in the Annual Financial Report announcement.

Each of the Directors in post as at 26 February 2019, the names and roles of whom are set out on pages 44 and 45 of the 2018 Annual Report, confirms to the best of their knowledge:

-- the Group's Financial statements, which have been prepared in accordance with IFRS as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit of the Group; and

-- the management report (comprising the Directors' Report and the Strategic Report) includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that it faces.

Enquiries: Stephanie Mackie, Company Secretary

Telephone: 01753 837000

Notes:

Legal Entity Identifier: I4K14LL95N2PHDL7EG85

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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