Johnson Matthey mulls selling medical device unit

British autocatalyst maker Johnson Matthey is planning to sell its medical device components business as the company looks to streamline its portfolio of assets, Bloomberg News reported on Wednesday.

The sale could value the medtech unit at several hundred million pounds, the report added, citing people familiar with the matter.

The company did not immediately respond to a Reuters request for comment.

The centuries-old firm, which traces its roots back to testing the purity of precious metals, had posted a 21% drop in its annual earnings last week due to higher costs and lower precious metal prices.

The company has identified several non-core businesses for disposal by the end of the fiscal 2023-2024 year, the report said.

Johnson Matthey has seen its stock drop more than 18% this year as it battles supply constraints and challenges in sourcing components from Ukraine. Reuters