News and Press Releases

24 April 2006

Johnson Matthey Acquires Process Diagnostics Division of Quest TruTec

Johnson Matthey Plc announced today that it has acquired the Process Diagnostics Division of Quest TruTec, LP (“QTT”). With immediate effect, the staff and assets of the business will be merged with the Tracerco business, part of Johnson Matthey’s Catalysts Division, and the combined company will trade using the Tracerco name.

QTT’s Process Diagnostics Division provides advanced measurement and diagnostic services to the global oil refining, chemical and gas processing and power generation industries. The combination of the business’s expertise in scanning and tomography with Tracerco’s advanced radioisotope and chemical tracer technology will enhance the range of products and services available to Tracerco’s customers for the measurement and diagnosis of a wide range of issues that occur within production processes in the oil and gas industry.

QTT’s Process Diagnostics Division employs around 50 people and is headquartered in Texas, USA, with satellite bases in Canada, Germany, Holland and Italy. The increased geographical reach created by the acquisition will allow Tracerco to deliver its products and services to customers anywhere in the world, enhancing the important aspect of local service delivery.

Commenting on the transaction Andy Hurst, Managing Director of Tracerco said: “The acquisition of QTT’s Process Diagnostics Division will allow a continued focus on research and development to ensure Tracerco keeps pace with the changing needs of its customers. It is an excellent fit with the Tracerco business and the acquisition will allow the enlarged organisation to offer a greatly enhanced range of products and services to its customers”.

Tracerco’s brand architecture will reflect its customers existing association with its products and services. Within North America, Venezuela, Mexico, Peru and the Caribbean, all scanning related services in Tracerco’s process diagnostics portfolio will be marketed under the name of TruTec Scanning Services, using trademarks that customers are familiar with for example Tru-Scan™, Tru-Grid™ Scan, Tru-CAT™ Scan and TruTec TowerVision™. In other regions of the world, Tracerco will retain its existing brand structure; TRACERCO Diagnostics™ to designate the process diagnostics range of services and TRACERCO™ Instruments for its range of specialist measurement solutions, measuring key parameters such as level, density and interface.