Johnson Matthey, a prominent industrial technology firm in the UK, has announced its intention to reduce its workforce by around 600 employees as part of a strategic restructuring initiative. The goal is to position the company as a global leader in the energy transition sector.
Having been listed on the FTSE 250, the company has disclosed a significant decrease in pre-tax profit, reporting £82 million for the six-month period ending on September 30, compared to £188 million in the previous year. In line with its restructuring efforts, Johnson Matthey expects to achieve over £150 million in annual cost savings by early 2025, with an associated restructuring cost of £17 million. Notwithstanding these changes, the interim dividend remains at 22p per share.
Renowned for its production of catalytic converters for vehicles, Johnson Matthey has communicated its strategic pivot towards becoming a vital player in the global energy transition landscape. The company is focusing on its core capabilities in precious metals and catalytic technologies, aligning itself with the evolving energy trends and opportunities.
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