First Closing Date

Johnson,Matthey PLC
25 July 2001

                                                                             
Not  for release, distribution or publication in whole or in part in or  into
the USA, Canada, Australia or Japan
                                                                             
                                                                             
                   Johnson Matthey plc ('Johnson Matthey')
             Recommended cash offer for Meconic plc ('Meconic')
                                      
                 Level of Acceptances and Extension of Offer


Johnson  Matthey  announces that as at 3.00 p.m. on 24 July 2001,  the  first
closing  date of the Offer, valid acceptances of the Offer had been  received
in  respect  of 16,104,682 Meconic Shares, representing 44.3% of  the  issued
share  capital of Meconic.  Johnson Matthey has also acquired, in the market,
in  aggregate  18,700,000  Meconic Shares, representing  51.5%  of  Meconic's
issued  share capital at 405 pence per share.  Johnson Matthey has  therefore
either  acquired or received valid acceptances in respect of an aggregate  of
34,804,682  Meconic  Shares, representing 95.8%  of  Meconic's  issued  share
capital.

Furthermore  Johnson Matthey has received valid acceptances and  acquired  in
the  market more than 90 per cent. of the Meconic Shares to which  the  Offer
relates.  Accordingly  Johnson Matthey intends  to  exercise  its  rights  to
acquire  compulsorily the remaining Meconic Shares which it does not  already
own  or  for which it has not received valid acceptances under the provisions
of Sections 428 - 430F of the Companies Act.

The  Offer  for  Meconic,  as  set out in the Offer  Document  dated  3  July
2001, will remain open until further notice.

The  Loan  Note Alternative will remain open for acceptance until  the  Offer
closes or, if earlier, until (and including) 30 September 2001.

The  procedure for acceptance of the Offer is set out in the Offer  Document,
which  was posted on 3 July 2001, and the Form of Acceptance which should  be
completed and returned as soon as possible.

Save as disclosed above, neither Johnson Matthey, nor any of the directors of
Johnson Matthey, nor so far as Johnson Matthey is aware, any party acting  in
concert with Johnson Matthey, held any Meconic Shares (or rights over Meconic
Shares) before the commencement of the Offer Period or has acquired or agreed
to  acquire  any  Meconic Shares (or rights over Meconic  Shares)  since  the
commencement  of the Offer Period and no acceptances have been received  from
any persons acting in concert with Johnson Matthey.

Application  will be made to cancel the listing of Meconic's  ordinary  share
capital on the Official List of the United Kingdom Listing Authority  and  to
remove  the  Meconic Shares from trading on the London Stock  Exchange.   The
cancellation  will become effective on 23 August 2001, being twenty  business
days from the date of this announcement.  After cancellation of listing there
will be no formal arrangement in place for the trading of Meconic Shares  and
Meconic  Shareholders  may, therefore, experience difficulties  in  realising
their investment in Meconic.

Terms  defined in the Offer Document dated 3 July 2001 have the same meanings
when used herein unless the context requires otherwise.


Enquiries

Johnson Matthey plc
John Sheldrick                                            020 7269 8438
David Morgan                                              020 7269 8405

Schroder Salomon Smith Barney                             020 7986 4000
(financial adviser to Johnson Matthey)
James Steel
Jan Skarbek

Credit Suisse First Boston de Zoete & Bevan Limited       020 7888 8888
(brokers to Johnson Matthey)
Chris Chambers
Chris Sim

Gavin Anderson & Company                                  020 7457 2345
(PR Advisers)
Howard Lee
Laura Hickman

Salomon  Brothers International Limited (trading as 'Schroder  Salomon  Smith
Barney')  and  Credit Suisse First Boston de Zoete & Bevan Limited  ('CSFB'),
which  are  regulated  in  the United Kingdom by The Securities  and  Futures
Authority Limited, are acting exclusively for Johnson Matthey and no one else
in connection with the Offer and will not be responsible to anyone other than
Johnson  Matthey for providing the protections afforded to its customers  nor
for  providing advice in relation to the Offer.  Salomon Smith  Barney  is  a
service  mark  of  Salomon  Smith Barney Inc.  Schroder  is  a  trademark  of
Schroders  Holdings  plc  and  is  used under  licence  by  Salomon  Brothers
International Limited.

This  announcement does not constitute an offer or an invitation to  purchase
any securities.

The  Offer is not being made, directly or indirectly, in or into, or  by  the
use  of  the mails of, or by any means or instrumentality (including, without
limitation,  telephonically  or  electronically)  of  interstate  or  foreign
commerce  of,  or  any facilities of a national securities exchange  of,  the
United  States, or in or into Canada, Australia or Japan and the Offer should
not  be accepted by any such use, means, instrumentality or facility or  from
within the United States, Canada, Australia or Japan.

The  Loan  Notes to be issued pursuant to the Loan Note Alternative have  not
been,  and will not be, registered under the United States Securities Act  of
1933 (as amended) or under any relevant securities laws of any state or other
jurisdiction  of the United States, nor have clearances been, nor  will  they
be,  obtained  from  the securities commission or similar  authority  of  any
province  or territory of Canada and nor has a prospectus been,  or  will  be
filed,  or  registration made, under any securities law of  any  province  or
territory of Canada, nor has a prospectus in relation to the Loan Notes been,
nor  will one be, lodged with or registered by the Australian Securities  and
Investments Commission nor have any steps been taken, nor will any  steps  be
taken,  to  enable the Loan Notes to be offered in compliance with applicable
securities laws of Japan.  Accordingly, unless an exemption under such Act or
securities laws is available, Loan Notes may not be offered, sold, re-sold or
delivered,  directly  or  indirectly, in, into or  from  the  United  States,
Canada,  Australia or Japan or any other jurisdiction in which  an  offer  of
Loan  Notes  would  constitute  a  violation  of  relevant  laws  or  require
registration thereof, or to or for the account or benefit of any US person or
resident of Canada, Australia or Japan or any other such jurisdiction.


Salomon  Brothers  International Limited (trading as Schroder  Salomon  Smith
Barney)  is  regulated  in the United Kingdom by the Securities  and  Futures
Authority  Limited.  Salomon Smith Barney is a service mark of Salomon  Smith
Barney  Inc.  Schroders is a trademark of Schroders Holdings PLC and is  used
under licence.