Johnson Matthey to buy back shares after profit doubles

© Reuters.

(Reuters) – Chemicals maker Johnson Matthey (LON:) on Wednesday announced a share buyback of 200 million pounds ($267.72 million) after half-yearly underlying operating profit more than doubled to be ahead of pre-pandemic levels on higher precious metals prices and strong demand.

The company, which announced earlier this month that it would exit its battery materials business and appoint a new boss, said it was selling its Advanced Glass Technologies business, a supplier to carmakers, for 178 million pounds.

($1 = 0.7470 pounds)

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