REG - Johnson Matthey PLC - Johnson Matthey Battery Materials update

Johnson MattheyAnnouncement

12/01/2022 14:20

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RNS Number : 2549Y  Johnson Matthey PLC  12 January 2022

12(th) January 2022

 

Johnson Matthey Plc

(the Company)

Johnson Matthey provides an update on its intention to exit Battery Materials

 

Johnson Matthey, a global leader in sustainable technologies, today provides
an update on its intention to exit Battery Materials.

 

On 11(th) November 2021, we announced our intention to pursue the sale of all
or parts of our Battery Materials business with the ultimate intention of
exiting. Further to that announcement, we have held discussions with a number
of parties about a sale of the entire business. These discussions have not
resulted in an agreement to sell the entire business as a going concern.
Consequently, we are announcing today that we are commencing consultation with
our employees about our proposed closure of the Battery Materials business,
and we are pursuing the sale of its individual assets.

 

In our interim results we fully impaired the carrying value of our battery
materials assets as at 30(th) September 2021, resulting in a charge of £314
million. While the outcome of the sales process is uncertain, full or partial
closure will result in additional impairment charges, the settlement of
contractual liabilities, redundancy, closure and abandonment costs as we
indicated at our interim results on 24(th) November 2021. After anticipated
asset disposal proceeds, we currently estimate these cash costs will be in the
order of £150 million, which will be recorded as an exceptional item outside
of underlying operating profit in our full year results.

 

 

ENDS

 

 Enquiries:
 Investor Relations

 Martin Dunwoodie    Director of Investor Relations      +44 20 7269 8241

 Louise Curran       Senior Investor Relations Manager   +44 20 7269 8235

 Carla Fabiano       Senior Investor Relations Manager   +44 20 7269 8004

 Media

 Barney Wyld         Group Corporate Affairs Director    +44 7485 337498

 Harry Cameron       Tulchan Communications              +44 20 7353 4200

 

Johnson Matthey Plc is listed on the London Stock Exchange (JMAT)

Registered in England & Wales number: 00033774

Legal Entity Identifier number: 2138001AVBSD1HSC6Z10

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