Honeywell Technologies completed its £1.325 billion all-cash acquisition of Johnson Matthey's Catalyst Technologies business on July 17 after receiving final antitrust approval from China. The deal adds catalyst capabilities across refining, petrochemicals and renewable fuels to Honeywell's automation portfolio. The transaction is the latest in roughly $11.5 billion of acquisitions Honeywell has completed since 2023 as it transforms into a pure-play automation company.
Honeywell Technologies closed its £1.325 billion all-cash acquisition of Johnson Matthey's Catalyst Technologies business Thursday, adding catalyst expertise to its automation portfolio after securing final antitrust clearance from China.
"This acquisition significantly enhances Honeywell Technologies' ability to deliver end-to-end solutions that help our customers drive efficiency, reduce emissions and accelerate energy security goals," said Ken West, President and CEO of Process Technology at Honeywell Technologies.
The deal expands Honeywell's global installed base across refining, petrochemicals and renewable fuels, combining Johnson Matthey's catalyst technology with Honeywell's process technology and digital automation offerings. The transaction follows Honeywell's separation of its Aerospace Technologies business into an independent public company on June 29 and the spin-off of its Advanced Materials business as Solstice Advanced Materials in October 2025. Since 2023, Honeywell has completed roughly $11.5 billion of acquisitions, including Compressor Controls Corp., SCADAfence, Carrier Global's Access Solutions business, Air Products' LNG business, Sundyne and Li-ion Tamer.
The deal marks a milestone in Honeywell's transformation into a pure-play automation company following the separation of its aerospace and materials units. The company has also announced plans to sell its Productivity Solutions and Services and Warehouse and Workflow Solutions businesses, with closings expected in the second half of 2026. For Johnson Matthey, the divestiture sharpens its focus on platinum group metals, clean air and hydrogen technologies as it advances a new PGM refinery in Royston expected to begin operations in 2027.
Honeywell Technologies, which now employs more than 50,000 people, serves the building, industrial and process sectors with a portfolio underpinned by its Honeywell Technologies Accelerator operating system and Forge intelligence layer. The company completed the divestiture of its Personal Protective Equipment business in 2024 and has been reshaping its portfolio through roughly $11.5 billion of acquisitions since 2023. Honeywell trades at a price-to-earnings ratio of 18.1 with a market capitalization of about $71.7 billion, according to InvestingPro data, and has maintained dividend payments for 42 consecutive years with a yield of 4.21 percent.
Johnson Matthey Chief Executive Liam Condon said at the company's annual general meeting that the sale of Catalyst Technologies reflects the company's strategy to focus on areas where it has critical mass, particularly around platinum group metals. The business being sold uses base metals and engineering process technology rather than PGMs, making it distinct from Johnson Matthey's Clean Air, PGM Services and Hydrogen Technologies units. The company said its turnaround remains on track, with full-year results in line with upgraded guidance and free cash flow rising more than 160 percent year over year.
This article is for informational purposes only and does not constitute investment advice.
