1st Feb 2022 08:25
(Alliance News) - Johnson Matthey PLC announced on Tuesday it has completed the sale of its Advanced Glass Technologies business.
The London-based chemical and technology company sold the business to Fenzi Holdings SpA for GBP178 million on a cash-free, debt-free basis. The completion follows the satisfaction of customary conditions, including the fulfilment of the works council consultation in the Netherlands.
The AGT business provides specialist glass enamels and precious metal pastes mainly to the automotive sector. Fenzi is a manufacturer and supplier of materials for flat glass processing.
Johnson Matthey said in November a profit on sale in excess of GBP100 million was expected, and it would return the proceeds to shareholders as part of a GBP200 million share buyback programme in 2022.
Johnson Matthey shares were flat at 1,939.50 pence each in London on Tuesday morning.
By Elizabeth Winter; [email protected]
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