Honeywell Amends Agreement to Acquire Johnson Matthey's Catalyst Business

Total consideration adjusted to £1.325 billion, long stop date extended to accommodate outstanding transaction requirements

Feb. 23, 2026 at 7:06am

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Honeywell announced it has entered into an amended agreement to acquire Johnson Matthey's Catalyst Technologies business segment. The total consideration has been adjusted from £1.8 billion to £1.325 billion, and the long stop date has been extended to July 21, 2026, with a possible further extension to August 21, 2026 if certain conditions are met.

Why it matters

The acquisition is expected to unlock strategic growth for Honeywell by increasing its installed base and creating a more integrated offering across energy and process technologies. It will also expand Honeywell UOP's capabilities with the addition of significant installed base across refining, petrochemical and renewable fuels, as well as enhance Honeywell's existing catalyst portfolio.

The details

The amended agreement adjusts the total consideration from £1.8 billion to £1.325 billion and extends the long stop date to July 21, 2026. If 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 capabilities in Process Technologies is expected to unlock strategic growth, expand Honeywell UOP's capabilities, and enhance Honeywell's existing catalyst portfolio.

  • The amended agreement was announced on February 23, 2026.
  • The long stop date for the transaction is July 21, 2026, with a possible extension to August 21, 2026 if certain conditions are met.
  • Completion of the transaction is anticipated by the end of August 2026, subject to customary closing conditions and regulatory approvals.

The players

Honeywell

An integrated operating company serving a broad range of industries and geographies around the world, with a portfolio that is underpinned by its Honeywell Accelerator operating system and Honeywell Forge platform.

Johnson Matthey

A global leader in sustainable technologies, providing solutions to help its customers address increasingly stringent environmental regulations and enable the shift to a low carbon economy.

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What’s next

Completion of the transaction is anticipated by the end of August 2026, subject to customary closing conditions, including receipt of certain regulatory approvals.

The takeaway

The amended agreement between Honeywell and Johnson Matthey's Catalyst Technologies business is expected to enhance Honeywell's capabilities in process technologies and catalysts, strengthening its position in the energy and industrial sectors.