PERSTORP, Sweden - Specialty chemicals company Perstorp Holding AB (Perstorp) has sold its formaldehyde technology and catalyst business, Formox AB, to Johnson Matthey Plc, a global specialty chemicals company and a leader in sustainable technologies. The divestment is in line with Perstorp’s strategy to focus on and expand its core specialty chemicals activities.

Formox is a global provider of catalysts, plant designs and licenses for the manufacture of formaldehyde. It has developed a range of novel metal oxide-based catalysts for the production of formaldehyde from methanol and is the leading provider of process technology for metal oxide-based formaldehyde production plants with an installed base of around 120 plants worldwide. Formox also provides a full recycling and refining service for spent metal oxide catalysts and manufactures platinum-based, VOC-abatement catalysts for formaldehyde plants. The business is based in Perstorp, Sweden, and employs 100 people in Sweden, China, Singapore and the United States.