Johnson Matthey is to build a factory in the Far East to meet Chinese demand for electric vehicles WU HONG/EPAJohnson Matthey has announced plans to spend £200 million expanding its battery material business, as it seeks to tap into the booming global market for electric cars. The cash will be used to build a factory in the Far East to meet Chinese demand for electric vehicles and beef up its battery research operation in Britain, Robert MacLeod, the company’s chief executive, said. The factory, which is likely to be in China, will produce about 10,000 tonnes of cathode materials a year, enough for 60,000-70,000 cars. Shares in the company, which manufactures chemicals, catalysts used in petrol and diesel engines, and active pharmaceutical ingredients, rose by nearly 15 per cent yesterday. Mr MacLeod said the new plant would generate revenues of £200 million to £300…

Source: The Times September 21, 2017 23:03 UTC