CHEMICALS and materials group Johnson Matthey announced yesterday it had bought a chemical technology licence company for £40m.

Johnson Matthey, which employs 450 people at the UK headquarters of its catalysts business in Billingham, Teesside, has acquired Davy Process Technology Limited (DPT), which has a research and development centre in Stockton.

London-based DPT develops chemical process technologies and licenses them to customers in the oil, gas, petrochemical, polymer and pharmaceutical industries.

Johnson Matthey said that the combination of its process catalyst businesses with DPT will present new opportunities to exploit the research capabilities of both organisations.

The firm said it was too early to say whether the move would create more jobs, but stressed that no positions had been lost in the acquisition.

Chief executive Neil Carson said: "The acquisition of Davy Process Technology is a further significant step in growing our process catalyst and technologies business.

"The combination of DPT's process technology and engineering design capabilities with our expertise in catalysis will substantially strengthen our leading position as a catalyst and technology supplier to the world's chemical and energy industries."

In the year to December 31, 2005, DPT achieved sales of £33.2m and pre-tax profits of £5.1m

Johnson Matthey said it had financed the acquisition out of existing borrowing facilities.