Honeywell to acquire Johnson Matthey’s catalyst-technologies business

Honeywell announced May 22 that it has agreed to acquire Johnson Matthey’s catalyst-technologies business segment for £1.8 billion (USD$2.4 billion) in an all-cash transaction, representing approximately 11 times the 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 (ESS) business segment is expected to add attractive high-growth vectors to the portfolio and drive significant additional benefits through cost synergies.

Johnson Matthey’s catalyst-technologies business model complements Honeywell’s existing UOP business of selling catalyst and process technologies and expands its installed base across refining and petrochemical catalysts.

In addition, with an expanded portfolio, Honeywell will 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.

“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, according to Honeywell.

It has approximately 1,900 employees and is headquartered in London with sites in the U.S., 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 acquisition is expected to be accretive to earnings in the first year and will add attractive high-growth vectors to Honeywell’s ESS business, Honeywell stated.

The acquisition is expected to close in the first half of 2026, subject to customary closing conditions, including receipt of certain regulatory approvals.