JM cuts green hydrogen spending again following investor pressure for strategic overhaul
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
Subscribe Today
To gain access to this article and all our other content, you will need to subscribe to H2 View.
From the latest print editions, to 24/7 online access to exclusive interviews, authoritative columnists and the H2 View news archive, a subscription is the best way for you to stay up to date with developments in the hydrogen community.
