(Bloomberg) -- Johnson Matthey Plc is planning the sale of its medical device components business as the British industrial conglomerate streamlines its portfolio of assets, according to people familiar with the matter.

The London-based company has appointed Goldman Sachs Group Inc. for the potential divestment, the people said, asking not to be identified because the matter is private. A sale could value the medtech business at several hundred million pounds, the people said.

Investment funds and other firms in the industry could be interested in acquiring the business, the people said. Johnson Matthey counts about 200 years of experience in platinum metals, and helps medical technology firms with sourcing, managing, fabricating and recycling materials for their devices, according to its website.

Johnson Matthey has earmarked several non-core businesses including medical device components for disposal by the end of the fiscal 2023-2024 year. The company has sold several units including the contract development and manufacturing organization unit to private equity firm Altaris Capital Partners a year ago for £325 million ($403 million). Johnson Matthey retained a 30% stake in the business, which was rebranded as Veranova.

A representative for Johnson Matthey declined to comment, while a spokesperson for Goldman Sachs didn’t immediately respond to a request for comment.

Johnson Matthey’s stock has dropped nearly 19% this year, valuing the company at around £3.2 billion. Johnson Matthey shares surged in April 2022 after a filing showed the investment arm of US firm Standard Industries Inc. bought a stake in the company, triggering takeover speculation at the time.

©2023 Bloomberg L.P.