Honeywell completes $1.76bn acquisition of Johnson Matthey’s Catalyst Technologies

US conglomerate Honeywell Technologies has completed its £1.32bn ($1.76bn) all-cash acquisition of Johnson Matthey’s (JM) Catalyst Technologies business.
Honeywell said the deal announced in May 2025 would strengthen its presence across refining, petrochemicals and renewable fuels, providing an enhanced offering for customers across energy and process technologies.
It had been expected to close on 21 February but was delayed due to antitrust approvals, which saw the original sale price of £1.8bn ($2.4bn) slashed by 26%.
The Catalyst Technologies business includes Johnson Matthey’s work in blue hydrogen, carbon capture and storage, and ammonia, as well as sustainable fuels such as SAF and biomethanol.
Ken West, President and CEO, Process Technology, Honeywell Technologies, said the acquisition significantly enhances its ability to deliver end-to-end solutions that help customers drive efficiency, reduce emissions and accelerate energy security goals.
“By combining Johnson Matthey’s differentiated catalyst expertise with our leading technologies and digital capabilities, we are creating a strong platform for future growth while enabling our customers to immediately unlock the benefits of a more robust set of offerings,” he said.
The sale came after JM faced growing investor pressure to boost shareholder returns. The company was facing calls from its largest backer to de-risk or sell its hydrogen technologies business, which has since been folded into a broader portfolio.
Honeywell Technologies and Honeywell Aerospace became independent publicly traded companies from 29 June when the US multinational spun off its aerospace business.
Despite the cheaper sale, JM still expects to return around £1bn ($1.34bn) to shareholders, made up of £800m ($1.1bn) in special dividends with share consolidation and £200m ($267.5m) through an on-market share buyback.