Johnson Matthey sells Advanced Glass Technologies
Johnson Matthey has announced the sale of its Advanced Glass Technologies (AGT) business, a provider of specialist glass enamels and precious metal pastes supplied mainly to the automotive sector.
AGT will be sold to Fenzi Holdings, a manufacturer and supplier of materials for flat glass processing, for £178 million payable in cash at completion on cash free, debt free basis and subject to customary completion accounts adjustments.
The transaction is subject to works council consultation in the Netherlands and the satisfaction of customary completion conditions with completion expected in spring 2022.
In the year ended 31st March 2021, AGT generated sales excluding precious metals of £66 million, operating profit of £17 million and gross asset of £49 million.
Fenzi Group’s Chief Executive Officer, Alessandro Fenzi said, “We are delighted to welcome the AGT to the Fenzi Group. AGT leadership in glass enamels for the automotive and industrial sectors fits perfectly with our strategy to be the largest and most complete partner for the glass industry worldwide. This partnership brings new innovative technologies to our global customer base. We believe that AGT’s growth will be enhanced under the Fenzi Group.”
Image: Fenzi were present in Milan for Vitrum 2021
