Johnson Matthey’s (JM) board has ordered the suspension of further capital spending on its green hydrogen technologies business after the firm’s largest investor demanded its de-risking or sale.
Following a board review of a letter from Standard Investments, which holds an 11% stake in JM, the company has said its board will be “resolute in its focus on driving a step change in cash generation and higher returns on capital.”
The letter, issued in December, urged JM to de-risk or sell its hydrogen technologies business, citing continued operating losses and a lack of clear profitability, amid broader calls for board reform and a strategic overhaul.
... to continue reading you must be subscribed
