Honeywell Cuts Johnson Matthey Catalyst Deal to £1.33 Billion

Revised terms reflect lower performance in Catalyst Technologies division

Published on Feb. 23, 2026

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Honeywell International Inc. has agreed to amend the terms of its acquisition of Johnson Matthey PLC's Catalyst Technologies business, reducing the agreed price from £1.8 billion to £1.33 billion and extending the long stop date for completion to July 21, 2026, with a potential further extension to August 21, 2026.

Why it matters

The revised deal terms reflect weaker-than-expected performance in Johnson Matthey's Catalyst Technologies division, including deferred sustainable solutions licensing projects and lower profitability in catalyst supply. The acquisition is still expected to expand Honeywell's installed base in refining, petrochemical and renewable fuels markets, enhance its catalyst portfolio, and generate synergies with its process automation operations.

The details

Under the amended agreement, the total consideration for the Catalyst Technologies business has been reduced from £1.8 billion to £1.33 billion. Johnson Matthey noted the revised price reflects the division's performance in the 2025-26 financial year. The long stop date for satisfying closing conditions has also been extended to July 21, 2026, with a potential further extension to August 21, 2026 if certain conditions are met.

  • Honeywell and Johnson Matthey announced the revised deal terms on February 23, 2026.
  • The transaction is expected to be completed by the end of August 2026, subject to regulatory approvals.

The players

Honeywell International Inc.

A major American industrial conglomerate that manufactures a variety of commercial and consumer products, engineering services, and aerospace systems.

Johnson Matthey PLC

A British multinational speciality chemicals company that produces catalysts, precious metal products, and other advanced materials.

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What’s next

The transaction is expected to be completed by the end of August 2026, subject to regulatory approvals.

The takeaway

The revised deal terms reflect the challenges faced by Johnson Matthey's Catalyst Technologies division, but Honeywell still sees strategic value in the acquisition to expand its presence in key markets and leverage synergies with its existing operations.