LONDON, Feb 15 (Reuters) - Johnson Matthey, theworld's top supplier of catalytic converters, has lost out ondiscounts in a new supply agreement with miner Anglo AmericanPlatinum.
One of the main uses of platinum is in the pollution-curbingconverters put in cars and trucks.
Johnson Matthey said on Friday it would retain a deal to buyplatinum from Amplats, but a new agreement from the end of theyear would no longer include discounts as the miner tries tocurb mounting losses.
It said the loss of the discount would cost it 35 millionpounds ($54 million) per year.
The company also said it had scrapped a separate deal withAmplats to promote platinum in new markets, but signed a newcontract with the mining company to provide market research onthe white metal.
Any restructuring of its precious metals products divisionand subsequent savings would not come until the end of 2013 atthe earliest, it said.
Johnson Matthey's shares were trading down 1.8 percent at0904 GMT, changing hands at 2,257 pence, underperforming theblue-chip FTSE index.
Amplats, a unit of Anglo American, posted its firstannual loss this month after a year marked by violent strikes,soaring input prices and lacklustre demand. It plans to mothballtwo mines and sell another, leading to a possible 14,000 jobcuts.
Johnson Matthey (JMAT)
