Johnson Matthey buys Sweden's Formox

Speciality chemicals group Johnson Matthey said it has completed the purchase of formaldehyde producer Formox for 107m pounds in cash from Perstorp Specialty Chemicals, a company owned by PAI Partners.

Speciality chemicals group Johnson Matthey said it has completed the purchase of formaldehyde producer Formox for 107m pounds in cash from Perstorp Specialty Chemicals, a company owned by PAI Partners.

Formox provides catalysts, plant designs and licences for the manufacture of chemical intermediate formaldehyde, Johnson Matthey explained in a statement.

"The acquisition enhances our position as a leading supplier of technology for a range of syngas and other chemical processes. The addition of Formox's formaldehyde technology provides exciting opportunities to integrate and expand our technology and catalysts into a broader range of chemical processes," Johnson Matthey said.

Furthermore, the Swedish firm's expertise in selective oxidation catalysis, a technology that has application in a number of other catalyst areas, is also expected to provide more opportunities for Johnson Matthey to grow its position in the global petrochemicals market.

Commenting on the deal, Johnson Matthey Chief Executive Neil Carson said: "The acquisition of Formox complements our existing technologies for process catalysts, plant design and licensing."

"Formox has a strong position in a growing and profitable market which gives Johnson Matthey new opportunities to grow its sales of catalysts and process technology into the wider petrochemicals market."

CJ

Recommended

Too embarrassed to ask: what is short selling?
Too embarrassed to ask

Too embarrassed to ask: what is short selling?

Short sellers are often accused of unfairly driving share prices down to make a quick buck. But short selling is a perfectly legitimate – if risky – t…
26 Jan 2021
Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

The FTSE 100 is set for a makeover with an influx of new tech stocks
UK stockmarkets

The FTSE 100 is set for a makeover with an influx of new tech stocks

The FTSE 100 – the dullest index in the world – is about to reinvent itself as a host of new firms list on the market. The change is long overdue, say…
24 Jan 2021
Think Tesla is a bubble? This might be the best way to bet on it bursting
Oil

Think Tesla is a bubble? This might be the best way to bet on it bursting

The huge rise in Tesla’s share price means that, by market value, it’s now the sixth-largest company in the US and and the world’s biggest car-maker. …
25 Jan 2021
Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021