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LONDON, March 28 (Reuters) - Britain's Johnson Matthey, the world's top supplier of catalytic converters, saidit had bought Formox, a Sweden-based specialist chemicalcompany, for 107 million pounds ($161.71 million).
"Formox has a strong position in a growing and profitablemarket which gives Johnson Matthey new opportunities to grow itssales of catalysts and process technology into the widerpetrochemicals market," Chief Executive Neil Carson said onThursday.
Following the annoucnement of the acquisition, shares inJohnson Matthey gained 4.2 percent to 2345 pence at 0859 GMT,topping Britain's bluechip risers list.
"It's a nice addition to the kind of catalysts they alreadysell. It's basically the same customer base," said an analystwho declined to be named.
Johnson Matthey said Formox, which was sold by PerstorpSpecialty Chemicals, produces catalysts linked to the chemicalformaldehyde and its technologies would complement the company'sexisting activities in producing process catalysts andlicencing.
