Johnson Matthey buys Intercat

Johnson Matthey will increase its product range in the petroleum refining catalyst sector through the $56.2m purchase of Intercat.The purchase price is net of adjustments for debt of $29.4m. Georgia-based Intercat made an underlying operating profit of $8.4m on revenues of $58m in 2009. Intercat supplies Fluid Catalytic Cracking (FCC) additives and addition systems for the petroleum refining industry. They help to maximise yields and cut emissions. This is the second largest part of the catalysts market. Tightening environmental legislation is helping to boost demand. Johnson Matthey expects to benefit from combined R&D and technical support synergies.