December 7, 2021

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Johnson Matthey reveals results after leaving battery business

Chemistry giant Johnson Matthey needs to tell some good news in half a year’s performance after saying he’s quit the battery materials business


Chemistry giant Johnson Matthey (JM) needs to give some good news on Wednesday’s six-month results after saying he has quit the battery materials business.

This month, he said the division is far behind its competitors in its survival and the associated costs are likely to have a significant impact on profits.

Investors were disappointed, after which stocks fell 21% to their lowest in 13 months.

Investors are unlikely to find much comfort in the latest numbers after the company forecasts the first half as expected and forecasts the “lower limit” of market forecasts for the full year. The result will be the last for CEO Robert MacLeod, who will retire in February after nearly eight years of responsibility.

His successor will be Liam Condon, a director of the German chemical company Bayer.

In the latest transaction information on November 11, JM mentioned “hydrogen technology” and “decarbonization of chemicals” as potential growth areas, so clarification of investment methods and costs in these sectors will be scrutinized. May be done.

JM is maximizing its profits by selling catalytic converters to purify the gas ejected from combustion engines, so these new ventures will replace lower sales of gasoline and diesel vehicles. Not sure if it’s enough.

Shareholders are also interested in how JM is dealing with the supply chain crisis that is hitting the automotive industry. The shortage of computer chips and other components has forced many automakers to cut production.

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Johnson Matthey reveals results after leaving battery business

Source link Johnson Matthey reveals results after leaving battery business

The post Johnson Matthey reveals results after leaving battery business appeared first on Eminetra.co.uk.