British sustainable technologies provider Johnson Matthey has announced it is to sell off its glass technology arm to Milan-based Fenzi Holdings.
Credit: Johnson Matthey
Credit: Johnson Matthey
The company's Advanced Glass Technologies (AGT) business provides specialist glass enamels and precious metal pastes mainly to the automotive sector. The sale is anticipated to be completed in spring 2022.
Johnson Matthey had already identified its AGT business as not being core to its growth strategy.
The buyer, Fenzi Holdings, is a Milan, Italy-based manufacturer and supplier of materials for flat glass processing.
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The divestment of AGT is part of the company's goal to create "a simpler, more focused portfolio". The company says it is now focusing its resources towards growth areas targeted at climate change solutions.
Johnson Matthey was recently awarded a Platinum Rating from business sustainability rating company EcoVadis: the highest possible rating, placing it in the top 1% of companies assessed.
The company announced earlier this year its intention to reach net-zero by 2040, with 17 supporting targets that Johnson Matthey says are aimed at strengthening the company’s positive societal impact by 2030. JM previously received a Gold Rating from EcoVadis, in 2019.
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