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2w ago

Johnson Matthey Sells Catalyst Technologies to Honeywell for £1.8 Billion

The British chemicals company will return £1.4 billion to shareholders as it refocuses on core businesses after 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, including sustainable aviation fuel and blue hydrogen units, to Honeywell for £1.8 billion in cash.
  • The sale price represents approximately 80% of the company’s market capitalization prior to the deal, reflecting the strategic importance of the division.
  • Johnson Matthey plans to return £1.4 billion of the proceeds to shareholders, a move welcomed by investors after years of underperformance.
  • The divestment comes after sustained pressure from Standard Industries, its largest shareholder, which criticized the company’s strategic direction and investments.
  • The company will now focus on its clean-air and platinum metals businesses, citing slower-than-expected adoption of electric vehicles and green hydrogen technologies.