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OtherDec 15, 2014
Johnson Matthey selling gold, silver refineries
Johnson Matthey just announced the sale of its gold and silver refining business to Japanese metal recycling firm Asahi Holdings for $186 million in cash as part of an ongoing shift to focus on chemistry and technology.
Johnson Matthey is selling its gold and silver refining business to Asahi in a $186 million cash deal expected to close in March.
London--Johnson Matthey just announced the sale of its gold and silver refining business to Japanese metal recycling firm Asahi Holdings for $186 million in cash as part of an ongoing shift to focus on chemistry and technology.
The deal is expected to close by the end of March.
The division refines primary and secondary gold and silver materials, serving customers globally from its refineries located in Salt Lake City, and Brampton, Ontario, Canada. Additionally, the company provides investment casting services from a facility in St. Catharines, also located in Ontario.
A company spokesperson told National Jeweler that the sale of the gold and silver businesses shouldn't have any impact on the day to day business that retailers currently conduct; the refineries will remain as is and open for business as normal, they said.
“The divestment of the Gold and Silver Refining business is in line with our long-term strategy to focus on areas where we can use our expertise in chemistry and its applications to deliver high technology solutions or that provide a strategic service to the wider Johnson Matthey group,” said CEO Robert MacLeod.
The deal comes amid falling prices for both gold and silver over the last few months. Though the company did not indicate if declining prices played into its decision, for the six-month period ended in September, the company reported that gold and silver refining business sales were down 23 percent due to “market conditions.”
“We think this is a sensible move given the midterm outlook for gold/silver prices remains unpromising and there are few synergies with the rest of the group,” Adam Collins, an analyst at Liberum, told the Financial Times.
The deal won't include, however, the company's PGM platinum refining business.
Editor's Note: This story was updated on Dec. 17 to reflect an update form Johnson Matthey concerning the platinum refinery and impact for retailers.
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