Johnson Matthey to Sell Medical Device Components Business

700 Million Dollar Deal Johnson Matthey to Sell Medical Device Components Business

2024-03-21 Source: Press release Johnson Matthey 2 min Reading Time

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Johnson Matthey has entered into a definitive agreement to sell 100 % of its Medical Device Components business to Montagu Private Equity for 700 million dollars.

The MDC business produces components for medical device manufacturers globally with a focus on precious metal alloys and nitinol. (Source: Pixabay) — The MDC business produces components for medical device manufacturers globally with a focus on precious metal alloys and nitinol.
(Source: Pixabay)

London/UK – Johnson Matthey (JM) has signed a definitive agreement to sell 100 % of its Medical Device Components business (MDC) to Montagu Private Equity (Montagu) for cash consideration of 700 million dollars on a cash free debt free basis. The MDC business produces components for medical device manufacturers globally with a focus on precious metal alloys and nitinol. The business serves a global customer base and operates manufacturing sites in the USA (San Diego), Mexico (Mexicali), and Australia (Tullamarine).

With the company’s sale of MDC and a separate sale of its Battery Systems business, the firm has concluded the divestment programme for its Value Businesses that was originally announced in May 2022 as one of its key strategic objectives. This brings the aggregate net proceeds from the divestment of Value Businesses to significantly more than the firm’s target of 300 million pounds.

In line with the company’s stated capital allocation policy, it is the board’s current intention to return to shareholders 250 million pounds of the net proceeds of the sale of MDC by way of an on-market share buyback programme (conditional upon completion). The balance of the net proceeds will be used to repay some of JM’s existing debt and for other general corporate purposes.

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The sale proceeds will be payable in cash at completion, which is subject to regulatory approval. The transaction is expected to complete around Q3 2024. Liam Condon, Chief Executive, Johnson Matthey, commented: "Today’s announcement represents a significant milestone in our disposals programme announced in May 2022. As a JM business, MDC has delivered technological differentiation and good growth to the critical health sector. We welcome Montagu’s plans to continue the investment and growth plans at MDC.

"We are pleased that this concludes our Value Businesses disposal programme which will deliver benefits to JM shareholders in terms of value realization, simplification and increased focus on our growth businesses, where JM has a proven ability to win."

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