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Johnson Matthey to Sell Ceramics Division (1/3/07)

January 3, 2007
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Johnson Matthey has agreed to sell its Ceramics Division to a company established by Pamplona Capital Partners I, LP, a private equity investment fund, for approximately 226 million euro (~US$297 million) in cash. The transaction is conditional upon regulatory approval in Germany, Spain and Portugal, and is expected to be completed on February 28, 2007. The consideration, which is on a cash and debt free basis, is subject to adjustment by reference to the net assets of the division at completion.

The Ceramics Division, headquartered in Spain, has core manufacturing facilities in Spain, Italy, UK, Brazil, the U.S., Malaysia, India and China, and employs approximately 670 people. “The sale of the Ceramics Division represents a further step in our strategy of focusing the group on its core activities in catalysis, precious metals and fine chemicals,” said Neil Carson, chief executive.

The company’s website is located at www.matthey.com.

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