Honeywell (NASDAQ: HON) today announced that it has entered into a definitive agreement to acquire the catalyst technologies division of Johnson Matthey PLC, a leading UK-based chemicals company, in an all-cash transaction valued at £1.8 billion ($2.4 billion). The acquisition is part of Honeywell’s strategic push to expand its portfolio in refining and renewable fuels.
The UK catalyst deal, expected to close in the first half of 2026, is subject to customary regulatory approvals. Johnson Matthey’s board has unanimously approved the transaction, and shareholder approval is not required.
The business being acquired develops cutting-edge catalysts that enhance the efficiency of chemical manufacturing. Headquartered in London, the division operates across the U.S., Europe, and India, employing approximately 1,900 people.
Vimal Kapur, Chairman and CEO of Honeywell, stated:
“As demand for diversified energy sources accelerates, this acquisition strengthens Honeywell’s capabilities to deliver innovative, low-emission technologies to our global customers.”
The catalyst technologies portfolio will enhance Honeywell’s ability to support production of sustainable aviation fuel, methanol, blue hydrogen, and blue ammonia, helping industries transition toward cleaner energy solutions.
Legal counsel to Honeywell is being provided by Latham & Watkins LLP, with a cross-border team led by Chicago partner Max Schleusener and London partner Richard Butterwick. Slaughter and May is advising Johnson Matthey, supported by financial advisers Goldman Sachs International, Robey Warshaw LLP, Citigroup Global Markets Ltd., and Deutsche Numis.
Johnson Matthey reported that its catalyst unit generated £86 million in operating profit in the fiscal year ending March 2025, a 22.8% increase year-over-year. The company plans to return £1.4 billion of the proceeds to shareholders and retain £200 million for general corporate purposes.
Liam Condon, CEO of Johnson Matthey, commented:
“This transaction enables us to fundamentally reshape Johnson Matthey into a more focused and agile business for the future.”
This catalyst deal follows Johnson Matthey’s divestment of its medical device components business in 2024 for $700 million.
