Morgan Advanced Materials is one of 350 of the most highly appreciated companies quoted on the London Stock Exchange. It develops and produces industrial components and materials used in electric cars, solar panels and in the semiconductor industry. The company has 85 branches in 30 countries, about 7800 employees operate in total.
January 10, the company announced that she discovered unauthorized access To his network and is engaged in the elimination of consequences. The company clearly did not indicate the nature of the attack, however, according to the fresh data one From reports for investors published on February 7, the attackers involved the Raising Program.
The company said that all its production sites are working, although some processes are still under manual mode, since some internal systems have not yet been restored. Experts are actively working on this, simultaneously introducing cloud solutions to manage the enterprise resources.
“exclusive expenses associated with the incident can amount to 8 to 12 million pounds, including the payment of the services of specialists, as well as the costs associated with the restoration of a number of systems in the Morgan Group,” the company said in the last report on February 7. After this statement by Morgan Advanced Materials (MGAM Tiker) on the London exchange, 5%
“Although the demand remained high in January, we are ineffective of production during the restoration period. This, based on current assessments, can lead to the adjusted operating profit for the 2023 financial year will be approximately 10-15% lower than our expectations” – added the company.
Morgan Advanced Materials shares fell “through the efforts” of investors as soon as they learned about unplanned expenses and the expected reduction in income this year. It seems that transparent business and honesty in front of investors played a cruel joke with the company.
Another large British company related to industrial production – Vesuvius, the world leader in the steel industry, had previously been subjected to a hacker attack. It is not known for certain which groups are behind the attack on Vesuvius and Morgan Advanced Materials. It is possible that these incidents are connected.