British chemical company Johnson Matthey plans to lay off 2,500 people worldwide

On June 11, Johnson Matthey, a British specialty chemical manufacturer, said that due to the uncertainty caused by the coronavirus epidemic, it would cut its FY 2020 dividend and plan to lay off 2,500 people worldwide.

The company said that on the basis of the previously announced cost reduction of 120 million pounds, it plans to cut costs by at least 80 million pounds before the end of the fiscal year 2023, which will result in the reduction of about 2,500 positions worldwide.

Johnson Matthey announced its fiscal year results as of March 31. Revenue for the current fiscal year was 14.577 billion pounds, a 36% increase from 10.745 billion pounds in the previous fiscal year, mainly due to the increase in the price of precious metals. Operating profit for the current fiscal year was 388 million pounds, a 27% decrease from the 531 million pounds in the previous fiscal year. Excluding precious metals, sales for the current fiscal year were 4.17 billion pounds, compared with 4.214 billion pounds in the previous fiscal year; operating profit was 539 million pounds, and 566 million pounds in the previous fiscal year.

The company also said that due to the uncertainty caused by the epidemic, it will not be able to provide performance forecasts for FY2021.