Our Superform aluminum superplastic forming business, which operated from sites in the U.S. and the U.K., was historically included in the Gas Cylinders Segment. As a result of our decision to exit non-strategic aluminum product lines, we have reflected the results of operations of these businesses as discontinued operations in the Consolidated Statements of Income for all periods presented. We expect our Superform U.S. business to be sold within the next twelve months.

The assets and liabilities of the Superform business have been presented within Current assets held-for-sale and Current liabilities held-for-sale in the Consolidated Balance Sheets at September 28, 2025 and December 31, 2024.

Results of discontinued operations in the third quarter and first nine months of 2025 and 2024 were as follows:


	Third Quarter				Year-to-date
In millions	2025		2024			2025		2024
Net sales	$	2.7	$	1.6		$	6.8	$	4.7
Cost of goods sold	(1.6)		(1.1)			(4.9)		(3.6)
Gross profit	1.1		0.5			1.9		1.1
Selling, general and administrative expenses	(1.0)		(0.3)			(1.8)		(1.1)
Restructuring credit / (charge)	0.1		—			0.4		(0.1)
Loss on assets held-for-sale	—		—			(2.8)		—
Operating income / (loss)	0.2		0.2			(2.3)		(0.1)
Tax (charge) / credit	—		(0.1)			0.1		—
Net income / (loss)	$	0.2	$	0.1		$	(2.2)	$	(0.1)

In the first nine months of 2025 the Company recognized a $2.8 million loss on held-for-sale asset group relating to Superform assets. The loss reflects an adjustment to bring the carrying amount in line with its estimated fair value less costs to sell, in accordance with ASC 360, due to revised expectations regarding the sale.

The fair value measurement was determined using a nonrecurring fair value approach under ASC 820. As the asset group is not traded in an active market, the Company applied a market approach, estimating fair value based on recent transactions involving comparable businesses of a similar size and industry profile. This fair value measurement is classified as Level 3 within the fair value hierarchy.

The associated assets and liabilities relating to Superform U.S. that are classified as held-for-sale were as follows:


Held-for-sale assets	September 28,		December 31,
In millions	2025		2024
Inventory	$	3.2	$	4.0
Prepayments and accrued income	0.3		0.4
Accounts and other receivables	3.3		1.8
Current assets	6.8		6.2


Right-of-use-assets	$	—	$	1.5


Total assets	$	6.8	$	7.7

Accounts payable	$	0.8	$	0.8
Accrued liabilities	0.6		0.4
Other current liabilities	1.4		2.4
Current liabilities	$	2.8	$	3.6

Total liabilities	$	2.8	$	3.6

There was $0.2m of capital expenditure in the first nine months of 2025 (2024: $0.1m), there was no depreciation and amortization.

The significant non-cash items in discontinued operations include a $2.8 million loss on held-for-sale asset group in the first nine months of 2025, there were impairments of $1.4 million, $1.2 million, and $0.2 million related to inventory, right-of-use assets and property, plant and equipment, respectively, as well as a $0.2 million share-based compensation charge recognized in the third quarter and first nine months of 2025.

The total assets and liabilities classified as held-for-sale, including those that qualify as discontinued operations are as follows:


Held-for-sale assets	September 28,		December 31,
In millions	2025		2024
Inventory	$	3.2	$	11.3
Prepayments and accrued income	0.3		1.6
Accounts and other receivables	3.3		5.5
Current assets	$	6.8	$	18.4

Property, plant and equipment	$	—	$	0.3
Right-of-use-assets	—		3.8
Non-current assets	$	—	$	4.1

Total held-for-sale assets	$	6.8	$	22.5

Held-for-sale liabilities
Accounts payable	$	0.8	$	1.4
Accrued liabilities	0.6		3.3
Other current liabilities	1.4		8.1
Held-for-sale liabilities	$	2.8	$	12.8

As a result of the Company’s strategic review process announced in October 2023, the Company concluded that its Graphic Arts business no longer aligned with the Company’s overall business and value proposition.

On July 02, 2025, the Company completed the divesture of its Graphic Arts business to Vulcan Metals Specialty Products, Inc., a newly created affiliate of TerraMar Capital LLC. Graphic Arts was previously reported as a separate operating segment under ASC 280. Following the disposal, Graphic Arts will no longer be presented as a reportable segment. The Company recognized a net loss on held-for-sale asset group of $1.1 million, in the third quarter and first nine months of 2025. The consideration and loss on disposal was calculated as follows:



In millions	2025
Gross consideration	$	7.3
Working capital adjustment	(1.3)
Transaction costs	(1.7)
Net proceeds	$	4.3
Net assets disposed	(4.8)
Accrued transaction costs	(0.6)
Net loss on disposal	$	(1.1)

The loss on disposal of $1.1 million has been recognized within disposal related costs in the Condensed Consolidated Statements of Income. The working capital adjustment reflects cash received prior to the divestiture, resulting in a reduction of the consideration paid by Vulcan Metals Specialty Products, Inc.


Assets	July 2,
In millions	2025
Inventory	$	7.8
Prepayments and accrued income	0.9
Accounts and other receivables	3.8
Current assets	$	12.5

Property, plant and equipment	$	0.5
Right-of-use-assets	2.3
Non-current assets	$	2.8

Total assets	$	15.3

Liabilities
Accounts payable	$	0.6
Accrued liabilities	4.4
Other current liabilities	5.5
Total liabilities	$	10.5

Net assets disposed	$	4.8

Confirmation of the final working capital balance remains outstanding at October 28, 2025, and as a result the working capital adjustment may be subject to change, this is expected to be finalized by December 31, 2025. Depending on the outcome, the final loss on disposal may differ from the amount currently recognized.

In accordance with ASC 205-20 and ASC 360-10, our Graphic Arts business was classified as held-for-sale at December 31, 2024, however the business did not meet the criteria to be classified as a discontinued operation.

In the third quarter and first nine months of 2024, the Company recognized a $6.1m gain on disposal of assets in relation to the sale of previously disclosed held-for-sale land and buildings in our Elektron division, net consideration of $7.3 million was received in the fourth quarter of 2024.