British chemicals and industrials group Johnson Matthey has sold its gold and silver refining business to Japanese metal recycling firm Asahi Holdings, it said Monday.
Johnson Matthey announced in a statement that it has sold the activities to Asahi for £118 million ($186 million, 150 million euros) in a cash deal expected to complete by late March 2015.
The refining division serves customers globally from refineries in Salt Lake City in the United States and Brampton, Canada, according to Johnson Matthey, which is best known as a refiner of platinum.
Asahi Holdings is a collector, refiner and recycler of precious and rare metals from waste materials.
"The divestment of the gold and silver refining business is in line with our long-term strategy to focus on areas where we can use our expertise in chemistry and its applications to deliver high-technology solutions or that provide a strategic service to the wider Johnson Matthey group," said chief executive Robert MacLeod.