Chemical substances big Johnson Matthey’s decision to ditch electrical automotive battery scheme to cost it £314m
Johnson Matthey’s decision to ditch a pioneering electrical automotive battery scheme will cost the chemical big £314million.
The FTSE 100 group mentioned it swung to a lack of £9million within the six months to September as it introduced the writedown.
Johnson Matthey mentioned earlier this month it would scrap a decade of labor into the mission as it is simply too far behind overseas rivals in China and Korea. It’s going to now plough money into creating hydrogen expertise.
Johnson Matthey mentioned earlier this month it would scrap nearly a decade of analysis and improvement into electrical automotive batteries as a result of it is simply too far behind overseas rivals
The transfer has dealt a blow to Britain’s ambition to turn into an electrical automotive battery champion.
Johnson Matthey additionally mentioned it had offered its Superior Glass Applied sciences enterprise for £178million to the Italian group Fenzi.
The corporate, which makes most of its cash from promoting catalytic converters for automobiles, can be offloading its healthcare division.
Chief government Robert MacLeod is due to step down in February and will probably be changed by Liam Condon of Bayer who is predicted to launch a evaluate into the agency.
Amid the downbeat outcomes, Johnson Matthey appealed to traders by mountain climbing the dividend by 10 per cent to 22p and committing to a £200million share buyback.
However shares within the group dropped by as a lot as 8 per cent in early buying and selling placing its future within the FTSE 100 below risk. Its shares closed 2.2 per cent decrease, down 47p, to 2,135p.
Johnson Matthey’s decision to ditch battery scheme to cost it £314m Source link Johnson Matthey’s decision to ditch battery scheme to cost it £314m