Johnson Matthey Plc (JMAT.L), a specialty chemicals company, on Monday said it has agreed with Honeywell International, Inc. to sell its Catalyst Technologies (CT) business for an enterprise value of £1.325 billion, reduced from the previously agreed £1.8 billion.
The price adjustment reflects CT's 2025/26 performance, including deferred sustainable solutions licensing projects and weaker profitability from catalyst supply amid a challenging market environment.
The companies have also extended the long stop date for completion from February 21 to July 21, 2026. If regulatory approvals remain pending, the deadline may be further extended to August 21. Completion is now expected by the end of August this year.
Following completion, JM expects to return approximately £1 billion of net proceeds to shareholders, comprising £800 million through a special dividend with share consolidation and £200 million via an on-market share buyback programme.
Additionally, JM said it remains on track to deliver 2025/26 results in line with guidance, including underlying operating profit growth at the higher end of a mid-single-digit percentage range.
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