A US multinational conglomerate is to buy the tech division of British chemicals firm Johnson Matthey for £1.8bn.
Honeywell has agreed an all-cash deal to buy Catalyst Technologies, representing approximately 11x of its estimated 2025 EBITDA.
It will be combined with Honeywell’s energy and sustainability solutions business, which sells catalyst and process technologies. The deal expands its installed base across refining and petrochemical catalysts.
Honeywell will also for the first time be able to offer customers a comprehensive solution for the production of lower emission, critical fuels including sustainable methanol, sustainable aviation fuel (SAF), blue hydrogen and blue ammonia, which enhance energy security and reduce emissions.
The resulting offerings will provide licensed technology, engineering, services and catalysts to convert hydrocarbon and renewable feedstocks to high-value end products.
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“The acquisition of Johnson Matthey’s Catalyst Technologies business broadens Honeywell’s role as a world-class technology provider of critical energy needed to drive growth into the future – further strengthening our model of combining process technologies and process automation,” said Vimal Kapur, chairman and CEO of Honeywell.
“As demand for diversified sources of energy continues accelerating, we will better enable Honeywell to offer the innovation our customers need.”
Catalyst Technologies has approximately 1,900 employees and is headquartered in London, with sites in the US, Europe and India.
The acquisition is expected to close by 1H 2026, subject to customary closing conditions – including receipt of certain regulatory approvals – and will see a cash return of £1.4bn.
Liam Condon (pictured, main image), chief executive of Johnson Matthey, said: “Today’s announcement represents a significant milestone in the history of Johnson Matthey. Following on from the divestment of our medical devices business at a highly attractive valuation, we have now agreed to the sale of our Catalyst Technologies business for £1.8bn.
“This allows JM to realise a very attractive valuation for this business that fully reflects its strong long-term growth prospects. We will now fundamentally re-shape Johnson Matthey into a more focused and leaner business.
“This will better position us to leverage our strong capabilities and leading market positions in clean air and PGM (platinum group metals) services to drive a step change in sustainable cash generation with higher returns to shareholders. JM is a great company and we are confident that the actions we have announced today will deliver substantial and sustainable value to our shareholders.”
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