Johnson Matthey to miss out on commission following new contract

15th Feb 2013 07:20

Speciality chemicals group Johnson Matthey has agreed an extension of its metal supply deal with Anglo American Platinum and entered into a new contract, under which it will provide Anglo Platinum with platinum group metal market research services. The new agreement will result in a change to fourth quarter revenue, meaning the full year impact on the group will be a loss of commission income of £35m. The likely cost savings associated with any restructuring are expected to be relatively modest.Neil Carson, Chief Executive of Johnson Matthey, said: "Whilst we are disappointed to lose commission income, we are pleased that we are able to extend our long relationship with Anglo Platinum and secure an extension to our metal supply agreement. This will enable us to continue to service our customers with confidence."NR