Honeywell – Honeywell enters into amended agreement to acquire Johnson Matthey’s Catalyst Technologies Business
Total consideration adjusted to £1.325 billion, long stop date extended to accommodate outstanding transaction requirements
CHARLOTTE, N.C., Feb. 23, 2026 /PRNewswire/ — Honeywell (NASDAQ: HON) today announced that it has entered into an amended agreement to acquire Johnson Matthey’s Catalyst Technologies business segment, which adjusts the total consideration from £1.8 billion to £1.325 billion and extends the long stop date to July 21, 2026. In the event that any of the regulatory approvals are not satisfied by the long stop date, the long stop date may be extended to August 21, 2026, if certain conditions are met.
The combination of Johnson’s Matthey’s Catalyst Technologies business with Honeywell’s strong capabilities in Process Technologies is expected to:
- Unlock strategic growth by increasing Honeywell’s installed base and creating a more integrated offering across energy and process technologies.
- Expand Honeywell UOP’s capabilities with the addition of significant installed base across refining, petrochemical and renewable fuels.
- Enhance Honeywell’s existing catalyst portfolio with complementary offerings and growth in renewable fuels capabilities.
- Create synergies with Honeywell’s Process Technologies and Process Automation businesses, benefiting from the companies’ leading aftermarket capabilities.
As the parties work to meet the remaining conditions for closing, Honeywell will continue pre-existing commercial collaborations with Johnson Matthey to drive strong value for customers around the world, building on their long track record of successful teaming.
Completion of the transaction is anticipated by the end of August 2026, subject to customary closing conditions, including receipt of certain regulatory approvals. The acquisition is expected to be accretive to Honeywell’s adjusted earnings per share in the first full year of ownership.
Additional Information
Honeywell uses our Investor Relations website, www.honeywell.com/investor, as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media.
Forward-Looking Statements
We describe many of the trends and other factors that drive our business and future results in this release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including statements related to the proposed separation of Honeywell from Honeywell Aerospace and the planned sale of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses. Forward-looking statements are those that address activities, events, or developments that we or our management intend, expect, project, believe, or anticipate will or may occur in the future. They are based on management’s assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control, including Honeywell’s current expectations, estimates, and projections regarding the proposed separation of Honeywell from Honeywell Aerospace and the planned sale of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses. They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking statements, including the proposed separation of Honeywell from Honeywell Aerospace and the planned sale of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses, and the anticipated benefits of each. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as changes in or application of trade and tax laws and policies, including the impacts of tariffs and other trade barriers and restrictions, lower GDP growth or recession in the U.S. or globally, supply chain disruptions, capital markets volatility, inflation, and certain regional conflicts, which can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this release can or will be achieved. These forward-looking statements should be considered in light of the information included in this release, our Form 10-K, and our other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.
SourceHoneywell
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More information on Honeywell Process Technology by Process Automation and Technology (PA&T) Segment by Honeywell (previously named Energy and Sustainability Solutions Segment (ESS)): https://ess.honeywell.com/us/en + With a decades-long focus on sustainability, Honeywell enables the energy evolution, improves resiliency and efficiency, reduces emissions, and facilitates the circular economy. Honeywell’s expertise in this area will continue helping solve the world’s toughest challenges across our end markets.
More information on Ken West (President and Chief Executive Officer, Honeywell Process Technology, Process Automation and Technology (PA&T) Segment, Honeywell): See the full profile on EMR Executive Services
More information on Catalyst Technologies Business by Johnson Mattey (to become Honeywell Process Technology by Process Automation and Technology (PA&T) Segment by Honeywell (previously named Energy and Sustainability Solutions Segment (ESS))): https://matthey.com/products-and-markets/pgms-and-circularity/pgm-chemicals-and-catalysts/catalysts + Johnson Matthey provides a portfolio of advanced homogenous catalysts, biocatalysts, heterogenous catalysts, and chemocatalysts for small molecule applications including for the pharmaceutical market. Our expert technical team will deliver the solutions you need for more cost effective, efficient, and sustainable chemistry.
In addition to our extensive portfolio of catalysts, we also provide services including catalyst screening, process optimisation, and custom catalyst manufacturing for your specific application. Our dedicated team can support you from the early development process to delivering the right catalyst at-scale.
Johnson Matthey’s Catalyst Technologies business segment is a leading provider of catalyst manufacturing and process technology licensing. It has approximately 1,900 employees and is headquartered in London, United Kingdom, with sites in the U.S., Europe and India.
More information on Honeywell UOP by Honeywell: https://uop.honeywell.com + Over the last century, Honeywell UOP’s engineers and chemists have shaped the refining, petrochemical and gas processing industries by turning laboratory science into industrial reality.
UOP processes produce the fuels that power our cars, trucks, jets and trains. They make the natural gas that heats our homes and serves as a source of power generation. Biodegradable detergents and the plastic resins, films and fibers we use in commercial goods, packaging and fabrics are made with technologies from UOP.
UOP continues to innovate to create flexible, future-forward and sustainable solutions that address the challenges of our everchanging world. We’re striving to create cleaner fuels by developing processes that reduce emissions and produce renewable fuel sources. Our Honeywell Green Diesel™ and Honeywell Green Jet Fuel™ require no changes to engines or fuel infrastructure and reduce greenhouse gas emissions by more than two-thirds.
Our process technologies, equipment and lifecycle solutions are helping customers generate the most value from every drop of oil, every cubic foot of natural gas and every ton of coal. And through connected software, UOP is helping customers become more efficient and profitable through digital tools that ensure plants are running at the peak of their capability.
Part of Honeywell’s Performance Materials and Technologies business group, UOP has more than 3,000 active patents, a global presence, and a century of experience using breakthrough chemistry and engineering to power global growth.
More information on Rajesh Gattupalli (President, Honeywell UOP, Honeywell): See the full profile on EMR Executive Services
More information on Johnson Mattey: https://matthey.com/ + Our ambition is to be a world leader in sustainable technology solutions, transforming energy and reducing carbon emissions, for a cleaner, brighter future.
Johnson Matthey has come a long way since being founded in 1817. We’re proud to say that for over two centuries, we’ve helped tackle some of the world’s biggest challenges. And we’re continuing to do so today, using our advanced metals chemistry expertise and technology solutions to enable the world’s leading energy, chemicals and automotive companies to decarbonise and reduce harmful emissions.
With global challenges of climate change, energy supply and resource scarcity more pressing than ever before, we’re making it our purpose to catalyse the net zero transition for our customers, and millions of people every day.
- Global presence: 20+ countries around the world
- World class talent: 10,000 people
- Experience 200+ year history
Following the agreed sale of Catalyst Technologies, JM will be a more highly focused, lean and agile business, centred around Clean Air and PGM Services. These businesses have leading market positions, underpinned by our strong heritage and expertise in PGMs (platinum group metals), combined with a fully circular business model based on our world-class refining capabilities and our ability to manage PGMs for our customers.
More information on Liam Condon (Chief Executive Officer, Johnson Matthey): https://matthey.com/about-us/our-leadership/group-leadership-team + https://uk.linkedin.com/in/liamcondon
More information on Maurits van Tol (Chief Executive Officer, Catalyst Technologies, Johnson Matthey): https://www.linkedin.com/in/mauritsvantol/