Honeywell Enters Into Amended Agreement to Acquire Johnson Matthey's Catalyst Technologies Business
Rhea-AI Summary
Honeywell (NASDAQ: HON) entered an amended agreement to acquire Johnson Matthey's Catalyst Technologies business for a revised total consideration of A31.325 billion and extended the long stop date to July 21, 2026 (possibly August 21, 2026 under conditions).
The deal is expected to close by end of August 2026, remain subject to regulatory approvals, and be accretive to Honeywell's adjusted EPS in the first full year of ownership.
Positive
- Deal price reduced to A31.325 billion
- Long stop date extended to July 21, 2026 (possible Aug 21)
- Accretive to adjusted EPS in first full year
- Expanded installed base across refining, petrochemical, renewable fuels
- Portfolio enhancement of catalysts and renewable fuel capabilities
- Synergies with Process Technologies and Process Automation
Negative
- Regulatory approvals remain outstanding, risking closing timing
- Reduced consideration from A31.8B to A31.325B implies renegotiation
- Completion conditional on customary closing conditions by end-August 2026
News Market Reaction – HON
On the day this news was published, HON declined 0.37%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
HON is up 1.33% while key peers show a mixed but modestly positive bias (MMM, VMI, BBU, SEB up; OTTR down), pointing to a company-specific response to the amended acquisition.
Previous Acquisition Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Aug 20 | Utility tech acquisition | Positive | +0.1% | Acquisition of SparkMeter utility data platforms to expand Smart Energy portfolio. |
| Jul 01 | Battery safety acquisition | Positive | +2.5% | Purchase of Li-ion Tamer to enhance fire detection within Building Automation. |
| Jun 09 | Sundyne acquisition close | Positive | -0.7% | Completion of $2.16B Sundyne deal to expand engineered pumps and compressors. |
| May 22 | PPE divestiture | Positive | -0.7% | Sale of Honeywell’s PPE business to PIP, reshaping safety portfolio exposure. |
| May 22 | Original JM deal | Positive | +0.8% | Announced £1.8B acquisition of Johnson Matthey Catalyst Technologies, earnings-accretive. |
Acquisition headlines for HON have typically produced modest moves, with an average same-tag reaction of about 0.4% and a mix of aligned and divergent responses.
Over the last year, Honeywell has pursued several portfolio-shaping deals. It acquired SparkMeter’s data and software platforms and Li-ion Tamer’s battery safety technology, and completed the $2.16 billion Sundyne purchase to expand process industry capabilities. It also agreed in May 2025 to buy Johnson Matthey’s Catalyst Technologies business for £1.8 billion, expected to be earnings-accretive. Price reactions around these acquisition announcements have generally been small, with both positive and negative single-day moves.
Historical Comparison
In the past year, HON’s acquisition headlines moved shares by an average of 0.4%. Today’s 1.33% gain on the amended Johnson Matthey deal sits above that typical reaction but remains within a modest range.
Honeywell has used acquisitions to build capabilities in utilities, battery safety, and process industries, including Sundyne and SparkMeter. The amended Johnson Matthey Catalyst Technologies agreement continues this process-technology build-out while revising consideration and timing terms.
Market Pulse Summary
This announcement adjusts the Johnson Matthey Catalyst Technologies acquisition, cutting total consideration to £1.325 billion and extending the long stop date to at least July 21, 2026. It reinforces Honeywell’s push to deepen process and catalyst technologies, consistent with prior deals like Sundyne and SparkMeter. The company expects the transaction to be accretive to adjusted EPS, but regulatory approvals, closing timing, and integration progress remain important metrics for investors to monitor.
Key Terms
long stop date regulatory
regulatory approvals regulatory
AI-generated analysis. Not financial advice.
Total consideration adjusted to
The combination of Johnson's Matthey's Catalyst Technologies business with Honeywell's strong capabilities in Process Technologies is expected to:
- Unlock strategic growth by increasing Honeywell's installed base and creating a more integrated offering across energy and process technologies.
- Expand Honeywell UOP's capabilities with the addition of significant installed base across refining, petrochemical and renewable fuels.
- Enhance Honeywell's existing catalyst portfolio with complementary offerings and growth in renewable fuels capabilities.
- Create synergies with Honeywell's Process Technologies and Process Automation businesses, benefiting from the companies' leading aftermarket capabilities.
As the parties work to meet the remaining conditions for closing, Honeywell will continue pre-existing commercial collaborations with Johnson Matthey to drive strong value for customers around the world, building on their long track record of successful teaming.
Completion of the transaction is anticipated by the end of August 2026, subject to customary closing conditions, including receipt of certain regulatory approvals. The acquisition is expected to be accretive to Honeywell's adjusted earnings per share in the first full year of ownership.
About Honeywell
Honeywell is an integrated operating company serving a broad range of industries and geographies around the world, with a portfolio that is underpinned by our Honeywell Accelerator operating system and Honeywell Forge platform. As a trusted partner, we help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations for aerospace, building automation, industrial automation, process automation, and process technology that help make the world smarter and safer as well as more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
Additional Information
Honeywell uses our Investor Relations website, www.honeywell.com/investor, as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media.
Forward-Looking Statements
We describe many of the trends and other factors that drive our business and future results in this release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements related to the proposed separation of Honeywell from Honeywell Aerospace and the planned sale of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses. Forward-looking statements are those that address activities, events, or developments that we or our management intend, expect, project, believe, or anticipate will or may occur in the future. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control, including Honeywell's current expectations, estimates, and projections regarding the proposed separation of Honeywell from Honeywell Aerospace and the planned sale of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses. They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking statements, including the proposed separation of Honeywell from Honeywell Aerospace and the planned sale of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses, and the anticipated benefits of each. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as changes in or application of trade and tax laws and policies, including the impacts of tariffs and other trade barriers and restrictions, lower GDP growth or recession in the
Contacts: | |
Media | Investor Relations |
Stacey Jones | Mark Macaluso |
(980) 378-6258 | (704) 627-6118 |
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SOURCE Honeywell
FAQ
What is the revised purchase price for Johnson Matthey's Catalyst Technologies in Honeywell's HON deal?
When is the long stop date for Honeywell's HON acquisition of Johnson Matthey's Catalyst Technologies?
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What strategic benefits does Honeywell (HON) expect from buying Johnson Matthey's Catalyst Technologies?
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