Johnson Matthey Lowers Price of Unit Being Sold to Honeywell to $1.8 Billion
By Elena Vardon
Johnson Matthey cut the price of the catalysts technologies unit that it is selling to U.S. industrials conglomerate Honeywell International by more than a quarter and extended the deadline for the closure of the deal.
The British platinum refiner will now sell a business which designs and produces catalysts for the chemicals and energy industries to Honeywell for 1.325 billion pounds ($1.79 billion) in cash on a debt-free basis, the companies said Monday. This compares with a previous 1.8 billion-pound deal they reached last May.
The lower price reflects the unit's performance during fiscal 2026 as key sustainable solutions licensing projects were deferred and a challenging market environment weighed on the profitability from the supply of catalysts, the London-listed group said.
The deadline, initially set for Feb. 21, has been pushed back to July 21 and can be further extended until August 21, they added. The companies expect the transaction to close by the end of August.
Johnson Matthey intends to distribute around 1.0 billion pounds from the proceeds of the disposal to shareholders via an 800 million-pound special dividend and a 200 million-pound share buyback program. In May, it had calculated a 1.6 billion-pound payout to investors from the deal.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
February 23, 2026 02:48 ET (07:48 GMT)
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