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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
