Johnson Matthey sells its Catalyst Technologies business to Honeywell

Johnson Matthey has reached an agreement to sell its Catalyst Technologies business to Honeywell International at an enterprise value of £1.8 billion (€2.15 billion).
The technologies that JM is selling to Honeywell include the development of hydrogen for industry and transport and sustainable aviation fuels for the airline industry.
Patrick Thomas, chair of Johnson Matthey, said: "On behalf of the Board, we are pleased to announce the sale of CT which, together with the refreshed strategy of the Group, represents a strategically and financially compelling proposition for shareholders.
“Today's transaction realises significant value for shareholders, creating a Group with the core strengths, focus and discipline to deliver strong resturns for shareholders into the future."
Liam Condon, chief executive of Johnson Matthey, said: “Today’s announcement represents a significant milestone in the history of Johnson Matthey. Following on from the divestment of our Medical Devices business at a highly attractive valuation, we have now agreed to the sale of our Catalyst Technologies business for £1.8bn.
“This allows JM to realise a very attractive valuation for this business that fully reflects its strong long-term growth prospects. We will now fundamentally re-shape Johnson Matthey into a more focused and leaner business. This will better position us to leverage our strong capabilities and leading market positions in Clean Air and PGM Services to drive a step change in sustainable cash generation with higher returns to shareholders.
“JM is a great company and we are confident that the actions we have announced today will deliver substantial and sustainable value to our shareholders.”