Honeywell has entered into an agreement to acquire Johnson Matthey’s Catalyst Technologies business for £1.8 billion (approximately $2.3 billion) in an all-cash transaction. The deal, valued at roughly 11 times the estimated 2025 EBITDA including tax benefits and cost synergies, aims to strengthen Honeywell’s Energy and Sustainability Solutions (ESS) segment.

The acquisition will enhance Honeywell’s portfolio with advanced catalyst and process technologies, bolstering its capabilities in refining and petrochemical applications. Johnson Matthey’s Catalyst Technologies division complements Honeywell’s existing UOP business, expanding its global footprint and installed base. The integration will allow Honeywell to deliver comprehensive, lower-emission solutions in critical fuel production such as sustainable methanol, sustainable aviation fuel (SAF), blue hydrogen and blue ammonia.

"This acquisition broadens Honeywell’s role as a global technology provider in the evolving energy sector,” said Honeywell Chairman and CEO Vimal Kapur. “As demand for diversified energy sources accelerates, this move enhances our ability to offer the innovation our customers require.”

Johnson Matthey’s Catalyst Technologies business, based in London, has approximately 1,900 employees and operates facilities in the United States, Europe and India. The unit is a recognized leader in catalyst manufacturing and technology licensing.

Ken West, president and CEO of Honeywell’s ESS segment, emphasized the strategic value of the acquisition. “This deal allows us to deliver integrated, cost-effective solutions to help customers produce high-value products with reduced emissions,” he said. “We are expanding and diversifying our UOP offerings to support global innovation and energy security.”

The transaction is expected to be accretive to earnings within the first year of closing and to contribute significantly to growth within the ESS segment. It is expected to be completed in the first half of 2026, subject to customary regulatory approvals.

This acquisition follows Honeywell’s strategic portfolio transformation, including the announced spin-offs of its Aerospace Technologies and Advanced Materials businesses. The company aims to create three independent, publicly traded entities, each with distinct strategies and growth drivers.

Since December 2023, Honeywell has announced or completed roughly $11 billion in strategic acquisitions, including Access Solutions from Carrier Global, Civitanavi Systems, CAES Systems, the LNG business from Air Products and Sundyne. Honeywell has also agreed to divest its Personal Protective Equipment business, with that transaction expected to close in the second quarter of 2025.

Honeywell remains on track to exceed its commitment of deploying more than $25 billion toward high-return capital investments, dividends, share repurchases and acquisitions by 2025.

Honeywell is a unified operating company that serves a diverse array of industries and regions worldwide. Its business strategy is guided by three key global megatrends: automation, the future of aviation, and the energy transition. These strategic priorities are enabled by the Honeywell Accelerator operating system and the Honeywell Forge industrial IoT platform.