Johnson Matthey Sells Gold and Silver Refining Unit to Asahi

Johnson Matthey plc (LSE:JMAT) announced plans to sell its gold and silver refining business to Asahi Holdings Inc. (TSE:5857) for US$186 million. The transaction is expected to be completed by the end of March 2015.

As quoted in the press release:

The business refines primary and secondary gold and silver materials. Johnson Matthey’s Gold and Silver Refining business is a refiner of primary and secondary gold and silver materials. It serves customers globally from refineries in Salt Lake City, USA and Brampton, Canada. The business also provides investment casting services from its St Catharines facility in Canada. In total, the business employs approximately 340 people.

Commenting on the transaction, Robert MacLeod, CEO of Johnson Matthey, stated:

The divestment of the Gold and Silver Refining business is in line with our long term strategy to focus on areas where we can use our expertise in chemistry and its applications to deliver high technology solutions or that provide a strategic service to the wider Johnson Matthey group.

Click here for Johnson Matthey plc (LSE:JMAT) press release