LONDON, July 22 (Reuters) - Johnson Matthey, theworld's biggest producer of auto catalysts, said on Wednesdaythat in the absense of acquisitions, it intends to return toshareholders cash from the sale of two of its businesses, as itposted a small drop in pretax profit.
The UK-based specialty chemicals company posted underlyingprofit before tax of 94 million pounds ($146.7 million) for thequarter to the end of June, down slightly from 95 million in thesame quarter a year ago.
"In the absence of any material acquisitions, it is ourintention to return excess capital from the sale of the Gold andSilver Refining and Research Chemicals businesses toshareholders," the company said in a statement.
($1 = 0.6407 pounds) (Reporting by Silvia Antonioli; editing by xxx)
Johnson Matthey (JMAT)
