1st Oct 2015 10:04
LONDON (Alliance News) - Chemicals company Johnson Matthey PLC on Thursday said it has completed the sale of its Alfa Aesar Research Chemicals unit to Thermo Fisher Scientific Inc for GBP256.0 million in cash and said Executive Director Larry Pentz will retire in March 2016.
The FTSE 100-listed company agreed the sale of the Alfa Aesar business to Thermo, the US biotechnology company, in June.
"The divestment of the Research Chemicals business is a further step in delivering our long term strategy to focus the group on growth areas where we can apply our expertise in complex chemistry to create long term value for our shareholders," said Robert MacLeod, Johnson Matthey's chief executive.
In a separate announcement, the company said Pentz will step down as an executive director on March 31, 2016.
He currently holds board-level responsibility for the company's Process Technologies and Fine Chemicals divisions and has been an executive director since 2003.
Shares in Johnson Matthey were up 2.7% to 2,514.52 pence Thursday, one of the best performers in the FTSE 100.
By Sam Unsted; [email protected]; @SamUAtAlliance
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