Johnson Matthey has reached an agreement to sell its Catalyst Technologies (CT) business to Honeywell International for £1.8bn.
The cash and debt-free basis transaction is expected to deliver net sale proceeds of c.£1.6bn to the Group, subject to customary closing adjustments.
Following the sale of CT, JM will be repositioned as a highly streamlined group focused on Clean Air and PGMS, driving sustained strong cash generation to support attractive ongoing returns to shareholders. The sale of CT, together with the compelling investment proposition of JM, are expected to deliver substantial value to JM shareholders.
Patrick Thomas, Chair of Johnson Matthey, said: “On behalf of the Board, we are pleased to announce the sale of CT which, together with the refreshed strategy of the Group, represents a strategically and financially compelling proposition for shareholders. Today’s transaction realises significant value for shareholders, creating a Group with the core strengths, focus and discipline to deliver strong resturns for shareholders into the future.”
Liam Condon, Chief Executive of Johnson Matthey, added: “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 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.”
The deal is subject to customary conditions, including the receipt of certain customary regulatory approvals, and is expected to close by the first half of calendar year 2026.
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