LONDON (dpa-AFX) - Johnson Matthey Plc (JMAT.L), on Thursday, said it entered into an agreement for the sale of part of its Battery Materials business to EV Metals Group, a global battery chemicals and technology business.
The company noted that the Battery Materials business will be sold for a total consideration of £50 million in cash and Johnson Matthey will receive a minority equity stake in EV Metals. The transaction is expected to complete over Summer 2022.
The sale includes Johnson Matthey's assets at the Battery Technology Centre in Oxford & Battery Technology Centre and pilot plant in Billingham, a research centre in Moosburg, Germany and the partly constructed site in Konin, Poland. The sale does not include Johnson Matthey's LFP facility in Canada, which will be acquired by Nano One, a clean technology innovator in battery materials.
The sale also includes Johnson Matthey's eLNO technology, underpinned by the GEMX and CAM-7 cathode platforms that the company licensed from CAMX. EV Metals Group will continue to develop eLNO, building on the customer testing programme that Johnson Matthey had undertaken.
Liam Condon, Chief Executive of Johnson Matthey, says, 'Johnson Matthey made the decision to exit Battery Materials due to insufficient returns, increased commoditisation of battery materials combined with the need for very high capital investments to remain competitive...'
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