Matthey announces that it has acquired Avocado
Research Chemicals Limited ("Avocado")
a leader in the manufacture and supply of organic
compounds for use in research laboratories.
in Heysham, Lancashire and employing around 70 people,
Avocado has an excellent reputation as a supplier
of specialised organic chemical products via its
well-established catalogue. It also provides a custom
synthesis service and sales of semi-bulk quantities
of chemicals to its customers who are predominantly
in the fine chemical and pharmaceutical industries
as well as serving contract and academic research.
It is already a significant supplier to Johnson Matthey,
which has been its distributor in the US for five
will be integrated into Johnson Matthey's Research
Chemicals Business, which has fast growing catalogue
and Internet based sales operations established in
the United States and Germany. The acquisition of
Avocado offers important synergies in terms of product
range, customer base and geographic coverage.
initial purchase price of £25 million is subject
to adjustment, based on subsequent performance of
the Avocado business, up to a maximum of £34
million. Unaudited results for the year to 31st December
2001 showed an operating profit of £3.3 million.
on the acquisition Chris Clark, Chief Executive of
Johnson Matthey, said:
is a further example of our strategy of making niche
acquisitions in our core catalysts and chemicals
businesses. We are delighted to have been able to
acquire Avocado. It is a business that we know well
and it provides an excellent fit with our existing
Research Chemicals Business, an area that has achieved
good growth in recent years."
Group Finance Director
Tel: +44 (0)20 7269 8438
Group Public Relations Manager
Tel: +44 (0)20 7269 8410