The MDC business, which produces components for medical devices with a focus on precious metal alloys and nitinol for global customers, operates manufacturing sites in San Diego, USA; Mexicali, Mexico; and Tullamarine, Australia.

With the sale of the MDC business and the already completed sale of its Battery Systems business, JM said that it has concluded the divestment program for its Value Businesses, originally announced in May 2022.

The transaction, which is subject to regulatory approval, is expected to be completed in the third quarter of 2024.

Liam Condon, CEO of Johnson Matthey, said: "Today’s announcement represents a significant milestone in our disposals program announced in May 2022. As a JM business, MDC has delivered technological differentiation and good growth to the critical health sector. We welcome Montagu’s plans to continue the investment and growth plans at MDC.”

"We are pleased that this concludes our Value Businesses disposal program which will deliver benefits to JM shareholders in terms of value realization, simplification and increased focus on our growth businesses, where JM has a proven ability to win," Condon added.