A GLOBAL chemicals firm operating North-East plants is selling a rare metals business.

Johnson Matthey said has agreed a £118m deal with Asahi Holdings for its Gold and Silver Refining division.

The business collects, refines and recycles precious and rare metals from waste materials.

They added it serves customers in the US and Canada, with the deal expected to be completed by March next year.

Robert MacLeod, Johnson Matthey chief executive, added: “This is in line with our long-term strategy to focus on areas where we can use our expertise in chemistry.”

Johnson Matthey has a site in Billingham, near Stockton, runs Billingham-based technology company Tracerco and precious metal producer Chilton, and operates Stockton’s Davy Process Technology.