Standard Industries Takes Stake in Johnson Matthey
Speaking with Reuters news agency, a London-based trader said the purchase could be a prelude to “some kind of move.” Separately, Jefferies analysts said in a note that they would consider this to be “something like an ideal owner, with an ability to take a long-term view on the cash generation from the clean air business.”
Last December, Johnson Matthey agreed to sell a majority stake in its Health division to US investment company Altaris Capital Partners for an enterprise value of £325 million. The transaction is expected to close in mid-2022.
In January, the London-based company decided to close down its Battery Materials business after discussions for a sale with a number of parties failed to reach agreement.
A year ago, Standard Industries bought US global specialty chemical company W. R. Grace for about $7 billion.
Author: Elaine Burridge, Freelance Journalist