REG - Johnson Matthey PLC - Sale of Advanced Glass Technologies

Johnson MattheyAnnouncement

24/11/2021 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211124:nRSX3397Ta&default-theme=true

RNS Number : 3397T  Johnson Matthey PLC  24 November 2021

24(th) November 2021

 

Johnson Matthey Plc

(the Company)

Johnson Matthey announces sale of Advanced Glass Technologies

 

 

·    Johnson Matthey announces the sale of its Advanced Glass Technologies business to Fenzi Holdings SPV S.p.A for £178 million on a cash free debt free basis.

 

·       Completion anticipated in spring 2022.
 

Johnson Matthey (JM) today announces the sale of its Advanced Glass
Technologies (AGT) business, a leading global provider of specialist glass
enamels and precious metal pastes supplied mainly to the automotive sector.
AGT is part of Value Businesses in JM's 'Other Markets' segment and was
previously identified as non-core to JM's growth strategy.

 

AGT will be sold to Fenzi Holdings SPV S.p.A ("Fenzi Group"), a manufacturer
and supplier of materials for flat glass processing, for £178 million payable
in cash at completion on cash free, debt free basis and subject to customary
completion accounts adjustments.

 

The transaction is subject to works council consultation in the Netherlands
and the satisfaction of customary completion conditions with completion
expected in spring 2022.

 

In the year ended 31(st) March 2021, AGT generated sales excluding precious
metals of £66 million, operating profit of £17 million and gross asset of
£49 million. A profit on sale in excess of £100 million is expected. In line
with our capital allocation framework, we will return the sale proceeds to
shareholders as part of the £200 million share buyback programme commencing
in the New Year.

 

The divestment of AGT is consistent with our aim of creating a simpler, more
focused portfolio. Aligned with JM's strategy, the company is focusing its
resources towards growth areas targeted at climate change solutions as it
delivers on its vision for a cleaner, healthier world.

 

 

About Johnson Matthey

Johnson Matthey is a global leader in science that enables a cleaner and
healthier world. With over 200 years of sustained commitment to innovation and
technological breakthroughs, we improve the performance, function and safety
of our customers' products. Our science has a global impact in areas such as
low emission transport, pharmaceuticals, chemical processing and making the
most efficient use of the planet's natural resources. Today more than 15,000
Johnson Matthey professionals collaborate with our network of customers and
partners to make a real difference to the world around us. For more
information, visit www.matthey.com (http://www.matthey.com)

 

 

ENDS

 

 Enquiries:

 Investor Relations

 Martin Dunwoodie    Director of Investor Relations      020 7269 8241

 Louise Curran       Senior Investor Relations Manager   020 7269 8235

 Jane Crosby         Investor Relations Manager          020 7269 8242

 Media

 Barney Wyld         Group Corporate Affairs Director    020 7269 8001

 Harry Cameron       Tulchan Communications              07799 152 148

 

 

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

Registered in England & Wales number: 00033774

Legal Entity Identifier number: 2138001AVBSD1HSC6Z10

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISBXLLLFFLLFBL