Deputy Editor
Updated 27 January 2025, 04:46UK-based chemicals technology company Johnson Matthey has slashed spending on its green hydrogen business by a whopping 83% in an effort to minimise losses and placate its largest shareholder — which had previously urged it to consider selling off the unit altogether.
In response to December’s open letter from Standard Investments, Johnson Matthey today (Monday) announced it was reducing ongoing spending in its Hydrogen Technologies business to just £5m ($6m) per year from April 2025, down from the average £30m per year previously committed.
This will reduce investment in the unit to “maintenance levels”, and the company will also pursue “options to further de-risk this business”, Johnson Matthey said.