Johnson Matthey announces sale of glass technologies business
Business will be sold to Fenzi Holdings SPV S.p.A for £178 million
Johnson Matthey (JM) today announced 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.
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.