(Bloomberg) -- Johnson Matthey Plc, the world's largest maker of diesel-engine catalysts, plans to cut about 2,500 jobs in a further sign of the damage being caused to suppliers by the virus-led slump.
The London-based company is seeking 80 million pounds ($101 million) in added savings through its 2023 fiscal year, it said Thursday in a statement. It had earlier put in place a 120 million-pound program.
Johnson Matthey in March shut most of its factories making the chemicals used in catalytic converters that reduce the pollution from diesel- and gasoline-engines. Although carmakers are starting production back up, the “path of recovery remains low,” it said.
Pretax profit dropped 38% in the year through March to 305 million pounds, the company said.
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