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3mo ago

Johnson Matthey Sells Catalyst Technologies to Honeywell for £1.8 Billion

The sale marks a strategic pivot for the British company, with £1.4 billion set to be returned to shareholders following pressure from its largest investor.

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Liam Condon, JM’s chief executive, said he had been talking about a deal with Honeywell long before activists demanded change
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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.