Honeywell to Acquire Johnson Matthey's Catalyst Technologies Business
Honeywell will acquire Johnson Matthey's Catalyst Technologies business segment for €2.15 billion in an all-cash transaction, representing approximately 11x estimated 2025 EBITDA, inclusive of tax benefits and run-rate cost synergies.
The combination of Johnson Matthey’s Catalyst Technologies business with Honeywell’s Energy and Sustainability Solutions segment is expected to create new growth opportunities and cost efficiencies. The integration expands Honeywell’s catalyst and process technology offerings, allowing the company to provide broader solutions for producing lower-emission fuels such as sustainable methanol, sustainable aviation fuel, blue hydrogen, and blue ammonia. The combined portfolio will include licensed technology, engineering, services, and catalysts for converting hydrocarbon and renewable feedstocks into end products.
"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 business segment is a leading provider of catalyst manufacturing and process technology licensing. It has approximately 1,900 employees and is headquartered in London, United Kingdom, with sites in the US, Europe and India. The acquisition follows Honeywell's announcement of the planned spin off of its Aerospace Technologies business along with the planned spin off of its Advanced Materials business, which will result in three publicly listed industry leaders with distinct strategies and growth drivers.
Since December 2023, Honeywell has announced a number of strategic actions to drive organic growth and simplify its portfolio, including approximately $11 billion (€9.7 billion) of accretive acquisitions recently closed or announced: the Access Solutions business from Carrier Global, Civitanavi Systems, CAES Systems, the LNG business from Air Products, and Sundyne. In addition, Honeywell entered into an agreement to divest its Personal Protective Equipment business, which is expected to close in Q2 2025. Honeywell remains on pace to exceed its commitment to deploy at least $25 billion toward high-return capital expenditures, dividends, opportunistic share purchases and accretive acquisitions through 2025.
Honeywell's acquisition of Johnson Matthey's Catalyst Technologies business segment is expected to close by 1H 2026, subject to customary closing conditions, including receipt of certain regulatory approvals.
