LONDON (Alliance News) - Speciality chemicals company Johnson Matthey PLC said Thursday it has agreed to sell its Alfa Aesar Research Chemicals business to Thermo Fisher Scientific Inc for GBP256 million in cash.
The FTSE 100-listed company expects to complete the sale before the end of 2015, subject to satisfying pre-closing conditions.
The business had sales of GBP77 million, excluding the value of precious metals, for the year to end-March. It employs 480 people.
"The divestment of the Research Chemicals business is a further step in delivering our long term strategy to focus the group on growth areas where we can apply our expertise in complex chemistry to create long term value for our shareholders," said Chief Executive Robert MacLeod in a statement.
shares in Johnson Matthey are trading down 0.8% at 3,170.00 pence Thursday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Johnson Matthey (JMAT)