Honeywell announced a definitive agreement to acquire Johnson Matthey’s Catalyst Technologies business in an all-cash transaction valued at £1.8 billion. The deal, which represents approximately 11 times estimated 2025 EBITDA, includes tax benefits and anticipated cost synergies. This acquisition marks a significant step in expanding Honeywell’s Energy and Sustainability Solutions (ESS) portfolio.
Complementing and Strengthening Core Capabilities
The acquisition complements Honeywell’s existing UOP business, which focuses on catalysts and process technologies. With Johnson Matthey’s Catalyst Technologies integrated into its portfolio, Honeywell will significantly expand its installed base across the refining and petrochemical sectors.
The strategic fit enhances Honeywell’s ability to provide end-to-end solutions for producing
lower-emission fuels, including:
- Sustainable methanol
- Sustainable aviation fuel (SAF)
- Blue hydrogen
- Blue ammonia
These solutions will play a crucial role in strengthening global energy security while reducing emissions. The combined offerings will deliver licensed technology, engineering, services, and catalysts that convert both hydrocarbon and renewable feedstocks into high-value products.
Leadership Perspective: Innovation for a Sustainable Future
Vimal Kapur, Chairman and CEO of Honeywell, stated, “The acquisition of Johnson Matthey’s Catalyst Technologies business broadens Honeywell’s role as a world-class technology provider of critical energy needed to drive growth into the future – further strengthening our model of combining process technologies and process automation.”
Ken West, President and CEO of Honeywell’s ESS segment, added, “This acquisition enables us to offer a comprehensive, cost-effective path for customers to transition to high-value, lower-emission products. We’re creating an integrated solution that also diversifies our UOP service and technology offerings.”
A Global Footprint with Proven Expertise
Johnson Matthey’s Catalyst Technologies business is a global leader in catalyst manufacturing and process technology licensing. With 1,900 employees and operations across the U.S., Europe, and India, the business brings a robust platform of innovation and global reach to Honeywell’s growing energy transition efforts.
Strategic Benefits and Financial Impact
The acquisition is expected to be accretive to earnings in the first year, adding high-growth vectors to Honeywell’s ESS business. With synergies in operations and a complementary business model, Honeywell is poised to deliver greater value to customers while accelerating the shift to cleaner energy solutions.
As per company press release, through this acquisition, Honeywell strengthens its position at the forefront of energy innovation—delivering smarter, cleaner, and more secure technologies for a low-carbon future.
