Johnson Matthey announces the sale of its Advanced Glass Technologies business to Fenzi Holdings SPV SpA for £178 million on a cash free debt free basis, with completion anticipated in spring 2022.
Johnson Matthey announces sale of Advanced Glass Technologies
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 SpA (Fenzi Group), a manufacturer and supplier of materials for flat glass processing, for £178million 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.
Johnson Matthey is a leader in sustainable technologies. Many of the group’s products enhance the quality of life of millions through their beneficial impact on the environment, human health and wellbeing