Honeywell International Inc. (NASDAQ:HON) is close to securing a £1.8 billion ($2.4 billion) deal to acquire Johnson Matthey’s catalyst technologies division, the Financial Times reported on Wednesday.
People familiar with the matter told the British newspaper that the business is expected to be combined with Honeywell International Inc.’s UOP brand, which builds technologies, including catalysts, for gas processing and petroleum refining.
An industrial complex with its towering smokestacks, showing the scale of the company’s specialty chemicals operations.
The takeover will be the latest in the series of acquisitions of UK assets by American groups this year. It will also mark yet another acquisition by Honeywell International Inc., expanding its $11 billion spree since December 2023.
This buyout is likely to add significant revenue generation for Honeywell International Inc. ahead, as analysts project Johnson Matthey’s catalyst unit to post nearly £613 million ($823 million) in revenues for the year to the end of March.
According to the Financial Times, Johnson Matthey confirmed being in ‘advanced discussions’ about a possible deal, without naming the potential buyer. Whereas, Honeywell International Inc. has so far not commented on the reports.
It is pertinent to mention that Honeywell International Inc. is currently undergoing transformation. Earlier in the year, the company unveiled its intention to separate Automation and Aerospace Technologies, in addition to the previously announced plan to spin Advanced Materials. The change is expected to be completed during the second half of 2026.
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