Johnson Matthey To Exit Battery Materials Business; Announces Appointment Of New Chief Executive

Johnson Matthey PLC (JMAT.L) said the Group has concluded that the potential returns from Battery Materials business will not be adequate to justify further investment. As a result, the Board has decided to pursue the sale of all or parts of this business with the ultimate intention of exiting.

Johnson Matthey announced that Robert MacLeod will step down as Chief Executive and from the Board on 28th February 2022 but will stay on to support the transition process until the AGM on 21st July 2022 when he will retire. Liam Condon will join the Group as Chief Executive on 1st March 2022. He is currently a member of the Board of Bayer AG and President of the Crop Science Division.

Johnson Matthey said the trading outlook for the full year ending 31st March 2022 is towards the lower end of market expectations. The Group said this is primarily due to the wide-spread supply chain shortages affecting the automotive industry and the consequential impact on precious metals prices, together with acute labour shortages in the US that are adversely impacting Health business.

The Group noted that it will announce first half results on 24th November, which are in-line with market expectations.

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