Johnson Matthey signs agreement to sell its Medical Device Components business for US$700m [Yahoo! Finance]
JOHNSON MATTHEY S/ADR (JMPLY)
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Source: Yahoo! Finance
LONDON March 20, 2024 /PRNewswire/ -- Johnson Matthey Plc (JM) announces that it has signed a definitive agreement to sell 100% of its Medical Device Components business (MDC) to Montagu Private Equity (Montagu) for cash consideration of US$700 million (£550 million) on a cash free debt free basis. The MDC business produces components for medical device manufacturers globally with a focus on precious metal alloys and nitinol. The business serves a global customer base and operates manufacturing sites in the USA San Diego Mexico Mexicali ), and Australia (Tullamarine). With our sale of MDC announced today and a separate sale of our Battery Systems business, we have concluded the divestment programme for our Value Businesses that was originally announced in May 2022 as one of our key strategic objectives. This brings the aggregate net proceeds from the divestment of Value Businesses to significantly more than our target of £300 million. In line with our stated capital allocation
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