LONDON (dpa-AFX) - Johnson Matthey (JMAT.L), on Wednesday, announced that it has sold its Diagnostic Services to Sullivan Street Partners and Souter Investments for £55 million in cash. Diagnostic Services is a part of JM's Value Businesses and has been identified as non-core to JM's growth strategy.
The company noted that the sale proceeds are payable in cash at completion which is subject to customary completion conditions. The deal is expected to be completed in the third quarter of calendar 2023.
In the year ending 31st March 2022, Diagnostic Services reported external sales of £55 million, operating profit of £4 million and net assets of £35 million. A small accounting loss on sale is expected.
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.
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