LONDON - Johnson Matthey (LON:JMAT) Plc (JM) has responded to a letter from Standard Investments, acknowledging the ongoing dialogue with the investment firm since it became a shareholder in 2022. The response, dated January 8, 2025, follows a letter from Standard Investments published on January 7, 2025, which had addressed concerns to JM's Board.
The company had privately responded to an earlier letter from Standard Investments on December 24, 2024, noting that the issues raised were already a priority for the Board. JM has proposed a meeting with Barbara Jeremiah, the Senior Independent (LON:IOG) Director and Chair-designate of a new Investment Committee, to further discuss governance matters raised by Standard Investments.
In the public statement, JM's Board and management team reiterated their commitment to improving the company's share price performance and delivering value to shareholders. The company is executing a comprehensive transformation strategy to navigate a challenging market. This strategy includes consolidating manufacturing in the Clean Air sector, upgrading precious metal refining capabilities, reducing costs, implementing a global business services model, and making extensive organizational changes.
Johnson Matthey also highlighted its commercial progress, securing new business across all sectors, which is expected to contribute to future growth. The company emphasized its resolve to act with urgency in adapting its strategy to market changes.
The company has assured that further updates will be provided as appropriate, indicating ongoing efforts to address investor concerns and improve performance. This announcement comes as Johnson Matthey continues to navigate the complexities of the market and works towards enhancing shareholder value.
The information is based on a press release statement from Johnson Matthey Plc.
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