Johnson Matthey rolls back H₂ tech investment

The catalyst specialist Johnson Matthey is meeting the demands of its largest investor, Standard Investments, partway by enacting a series of reforms—most notably reining in spending on its struggling hydrogen technology business. Standard Investments, which holds an 11% stake in Matthey, is an affiliate of Standard Industries, owner of the specialty chemical maker W. R. Grace. Standard Investments has been concerned that Matthey is spending too much money—about $385 million to date—on its H 2 technology business, which makes components such as catalyst-coated membranes for fuel cells and electrolyzers. It says the business bears similarities to Matthey’s battery materials unit, which Matthey poured $420 million into and ultimately sold at a loss. Matthey says it is halting all capital expenditures meant to grow the hydrogen business and will invest only the bare minimum for maintenance—no more than $6 million per year.