Overview
- Johnson Matthey has finalized the sale of its Catalyst Technologies division to Honeywell for £1.8 billion in cash.
- The division, which accounted for one-fifth of sales and one-third of profits, includes sustainable aviation fuel, bioethanol, and blue hydrogen businesses.
- The company will return £1.4 billion of the proceeds to shareholders, representing a significant payout amid recent share price declines.
- The sale follows sustained pressure from Standard Industries, Johnson Matthey's largest shareholder, which accused the board of destroying shareholder value.
- This divestment signals a strategic shift as Johnson Matthey doubles down on its core catalytic converter business and exits high-risk future technologies.