Johnson Matthey
announces that it has agreed to acquire the worldwide
business of Lancaster
Synthesis Limited (“Lancaster”) from Clariant
AG for £14.15 million. The transaction is conditional
upon regulatory approval in Germany.
Lancaster sells a wide range of organic chemicals
mainly to industrial and academic research institutions.
It has catalogue sales and small scale bulk manufacturing
operations in Morecambe, UK and additional distribution
facilities in the USA, Germany, France and India.
The business had sales of £19.6
million in 2003 and employs 225 people worldwide.
Lancaster’s operations are an excellent fit
with those of Johnson Matthey’s existing Research
Chemicals business and its acquisition provides opportunities
to improve market share and increase operating efficiencies.
Johnson Matthey will be taking
a £2 million
exceptional provision to integrate the Lancaster business
with its existing operations. The acquisition will
be earnings accretive in the first full year of ownership.
Commenting on the acquisition Chris Clark, Chief Executive
of Johnson Matthey said:
“Lancaster Synthesis is an
excellent fit with our existing Research Chemicals
business. The acquisition
will allow the enlarged organisation to offer a greatly
enhanced range of products and services to customers
of both organisations.”
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