UPDATE 1-Johnson Matthey to sell medical device parts unit for $700 mln

(Adds details in paragraph 3)

March 20 (Reuters) – Britain’s Johnson Matthey said on Wednesday it will sell its medical device components business to Montagu Private Equity for $700 million in cash, as part of its strategy to focus on growth units and streamline operations.

The unit makes components for medical device manufacturers globally with a focus on precious metal alloys and nitinol. CEO Liam Condon told Reuters in November that the company was looking to off-load the business within six months.

Johnson Matthey, which makes catalytic converters and pollution filters for cars, plans to repurchase shares worth 250 million pounds ($318.2 million) from the proceeds of the sale, expected to be completed by the third quarter of this year. ($1 = 0.7858 pounds) (Reporting by Eva Mathews in Bengaluru; Editing by Janane Venkatraman )

(c) Copyright Thomson Reuters 2024. Click For Restrictions – https://agency.reuters.com/en/copyright.html