Honeywell announced on July 17 that its subsidiary Honeywell Technologies has completed the acquisition of Johnson Matthey's catalyst technology business for a final purchase price of £1.325 billion in an all-cash transaction.
The deal took 14 months to close. When the two sides first reached an agreement in May 2025, the price was set at £1.8 billion. From £1.8 billion to £1.325 billion, the final price came down by £475 million.
In a filing with the U.S. Securities and Exchange Commission in May 2026, Honeywell disclosed the reasons for the price reduction. During the waiting period before the transaction closed, Johnson Matthey's catalyst business experienced delays in its sustainable solutions licensing projects and a decline in profitability on the catalyst supply side. The business performance fell short of expectations, which was directly reflected in the final valuation. The deal closing date was also extended from the original timeline to July 21, 2026.
The business Honeywell is acquiring covers catalyst product lines in refining, petrochemicals, and renewable fuels, with a strong position in syngas catalysts for methanol, ammonia, hydrogen, and formaldehyde. Johnson Matthey's catalyst technology business employs approximately 1,900 people. After integration, it will complement Honeywell UOP's process technologies.
The final regulatory hurdle for this transaction came from China. After receiving approval from China's antitrust authority in early July, all major global regulators had cleared the deal, and the transaction officially closed on July 17.
Ken West, President and CEO of the Process Technology Group, said that combining Johnson Matthey's differentiated catalyst expertise with Honeywell's leading technologies and digital capabilities is creating a powerful platform for future growth.
Since 2023, Honeywell has completed approximately £9 billion in synergistic acquisitions, including compressor controls, SCADAfence, Carrier Global's Access Solutions business, Air Products' LNG business, Sundyne, and Li-ion Tamer. The catalyst business becomes the latest piece of this ongoing acquisition drive.
Honeywell's divestiture plans have run in parallel with its acquisitions. In October 2025, Honeywell spun off its advanced materials business as an independent publicly traded company, Solstice Advanced Materials. On June 29, 2026, its aerospace business completed its spin-off to become an independent company, Honeywell Aerospace. After shedding these two major businesses, Honeywell has sharpened its focus on automation and industrial process technologies.
Honeywell expects the transaction to be accretive to adjusted earnings per share in the first full fiscal year after closing.
