Report of the Directors
Business Review

Financial Review of Operations
Precious Metal Products

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Description of the Business

Precious Metal Products Division (PMPD) adds value to precious metals. Its wide ranging activities comprise two main areas: Services businesses and Manufacturing businesses.

Services Businesses

The activities of our Services businesses comprise the marketing, distribution, refining and recycling of platinum group metals (pgms) and the refining of gold and silver. As well as serving their external customers around the globe, the Services businesses also provide a critical service to businesses in the Johnson Matthey group and their customers. Around 70% of Johnson Matthey’s products and businesses involve pgms and so the sourcing and recycling of them is critical to the continuity and profitability of the group. Our Services businesses comprise two areas:

Platinum Marketing and Distribution

This includes our worldwide platinum marketing and distribution activities. Marketing is headquartered in Royston, UK with support facilities in Philadelphia, USA and Hong Kong. We are the world’s leading distributor of pgms and the sole marketing agent for Anglo American Platinum, the world’s largest producer of platinum.

Refining

Johnson Matthey is a leader in the recycling and refining of precious metals. Our refining and recycling operations provide a vital service to ensure these valuable natural resources are recycled and reused as efficiently and sustainably as possible.

Our Pgm Refining and Recycling business recovers pgms from spent catalysts and other secondary materials and refines primary pgms from global mining operations. It has facilities in the UK and USA.

Our Gold and Silver refining business comprises our gold and silver refining and bullion manufacturing operations. The business serves the world’s mining industries and recycles secondary scrap material. Its operations are located in the USA and Canada.

Manufacturing Businesses

The activities of the Manufacturing businesses include the fabrication of products using precious metals and related materials, pgm and base metal catalysts and pgm chemicals. There are three Manufacturing businesses:

Noble Metals

Noble Metals produces a wide range of precious metal and other fabricated products for industrial and medical applications and Johnson Matthey is the market leader in pgm fabricated products for industrial applications. Its manufacturing operations are based in the UK and USA.

Many of Noble Metals’ products have a positive impact on our health or on the environment. It manufactures components used in medical devices which are used in life saving surgery for maintaining cardiovascular health. Its products also include catalyst systems which are used in nitric acid manufacturing plants to abate nitrous oxide (N2O), a highly potent greenhouse gas. To date, reductions equivalent to over 35 million tonnes of carbon dioxide have been achieved using these systems.

Colour Technologies

Headquartered in the Netherlands, our Colour Technologies business manufactures high technology functional coatings which include black obscuration enamels and silver conductive materials for automotive glass. It also makes colours, enamels and decorative precious metal products for other glass applications such as bottles and architectural glass as well as for tableware and other ceramic applications. Manufacturing takes place in the Netherlands, USA and South Korea.

Catalysts and Chemicals

Catalysts and Chemicals manufactures precious and base metal catalysts which are used to enhance the operating efficiency of chemical and pharmaceutical manufacturing processes. It also manufactures precious metal chemicals for a wide range of applications. The business has manufacturing operations in the UK, USA, Germany, India and China.

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