Johnson Matthey PLC (LSE:JMAT) has announced the sale of its subsidiary Diagnostic Services in a deal worth £55mln, to be paid in cash.
The deal is with private equity investor Sullivan Street Partners and it is expected to close in the third calendar quarter of 2023.
In a statement, Johnson Matthey noted that Diagnostic Services reported external sales of £55mln, had an operating profit of £4mln and £35mln of net assets. JMAT said it expects to account a small loss on the sale of business.
“The divestment of Diagnostic Services is another transaction which progresses the delivery of one of JM's strategic milestone commitments, to complete the divestment of Value Businesses by 31st March 2024,” the company said in a statement.