Honeywell has announced an agreement to acquire Johnson Matthey’s Catalyst Technologies business segment for £1.8 billion in cash. The transaction values the business at about 11 times its estimated 2025 EBITDA, including tax benefits and expected cost synergies. Honeywell plans to integrate this acquisition with its Energy and Sustainability Solutions (ESS) segment, aiming to enhance its portfolio of catalyst and process technologies.
Johnson Matthey’s Catalyst Technologies business complements Honeywell’s existing UOP operations by expanding its reach in refining and petrochemical catalysts. The acquisition will allow Honeywell to offer a broader range of solutions for producing lower-emission fuels such as sustainable methanol, sustainable aviation fuel (SAF), blue hydrogen, and blue ammonia. These offerings are intended to help customers convert hydrocarbon and renewable feedstocks into high-value products while supporting energy security and emission reduction goals.
“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.”
Johnson Matthey’s Catalyst Technologies employs around 1,900 people and is headquartered in London, with additional sites in the United States, Europe, and India.
“As we continue to expand and evolve our ESS portfolio, acquiring Johnson Matthey’s Catalyst Technologies business will provide our customers a comprehensive and cost-effective approach to transition their businesses to high-value products with lower emissions,” said Ken West, President and CEO of Honeywell’s ESS segment. “Together, we will be able to create an integrated solution while also diversifying our UOP projects and service offerings to help our customers around the world continue innovating and driving energy security for the future.”
The deal is expected to add new growth opportunities for Honeywell’s ESS business segment. It is projected that the acquisition will contribute positively to earnings within the first year after closing.
This move follows several other strategic actions by Honeywell since December 2023 aimed at simplifying its portfolio and driving organic growth. The company has recently closed or announced approximately $11 billion worth of acquisitions—including Access Solutions from Carrier Global, Civitanavi Systems, CAES Systems, Air Products’ LNG business, and Sundyne—and agreed to divest its Personal Protective Equipment unit by the second quarter of 2025. These efforts are part of a broader commitment by Honeywell to deploy over $25 billion toward capital expenditures, dividends, share repurchases, and acquisitions through 2025.
The acquisition is subject to customary closing conditions including regulatory approvals. It is expected to close by the first half of 2026.
Honeywell recently announced plans for significant organizational changes through spin-offs of both its Aerospace Technologies division as well as Advanced Materials division—moves designed to create three separate publicly listed companies with distinct strategies.
According to company statements included in this announcement: “We describe many of the trends and other factors that drive our business and future results in this release… They are not guarantees of future performance…” The company also notes that forward-looking statements are subject to risks related to economic conditions or geopolitical events.
