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

Argus Feb 23 session

-0.37% close to close 0.6x rel. volume Open Argus

Details

News Market Reaction – HON

On Feb 23, the day this news came out, HON closed 0.37% below the previous close.

Data tracked by StockTitan Argus for the Feb 23 session.

Key Figures

Revised consideration: £1.325 billion Original consideration: £1.8 billion Long stop date: July 21, 2026 +5 more

Revised consideration

£1.325 billion

Amended acquisition of Johnson Matthey’s Catalyst Technologies

Original consideration

£1.8 billion

Initial agreement for Johnson Matthey’s Catalyst Technologies

Long stop date

July 21, 2026

Target deadline to satisfy regulatory approvals

Extended long stop date

August 21, 2026

Potential extension if conditions are met

JM deal value

£1.8 billion

Original Johnson Matthey Catalyst Technologies acquisition (May 2025)

Employees acquired

1,900 employees

Johnson Matthey Catalyst Technologies workforce

Recent acquisitions total

$11 billion

Cumulative recent acquisitions referenced in May 2025 JM deal

Sundyne purchase price

$2.16 billion

All-cash acquisition of Sundyne completed June 2025

Previous Acquisition Reports

5 past events · Latest: Aug 20

Same Type 5 events

1. Aug 20

   Utility tech acquisition

   24h Move

   +0.1%

   Acquisition of SparkMeter utility data platforms to expand Smart Energy portfolio.

2. Jul 01

   Battery safety acquisition

   24h Move

   +2.5%

   Purchase of Li-ion Tamer to enhance fire detection within Building Automation.

3. Jun 09

   Sundyne acquisition close

   24h Move

   -0.7%

   Completion of $2.16B Sundyne deal to expand engineered pumps and compressors.

4. May 22

   PPE divestiture

   24h Move

   -0.7%

   Sale of Honeywell’s PPE business to PIP, reshaping safety portfolio exposure.

5. May 22

   Original JM deal

   24h Move

   +0.8%

   Announced £1.8B acquisition of Johnson Matthey Catalyst Technologies, earnings-accretive.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

long stop date, regulatory approvals

2 terms

long stop date regulatory

"extends the long stop date to July 21, 2026."

A long stop date is the final deadline in a transaction or agreement by which all required steps, approvals, or conditions must be completed; if they are not met by that date the deal can be cancelled or renegotiated. Think of it as the ‘last call’ expiry on a plan—investors pay attention because it creates a clear risk of termination, timing for cash flows, and potential changes to valuation or strategy if milestones are missed.

regulatory approvals regulatory

"In the event that any of the regulatory approvals are not satisfied"

Regulatory approvals are official permissions from government agencies that a company needs before launching a new product, service, or business activity. They matter because without this approval, the company might not be allowed to operate legally or sell its products, similar to how a driver needs a license to legally drive a car.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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

CHARLOTTE, N.C., Feb. 23, 2026 /PRNewswire/ -- Honeywell (NASDAQ: HON) today announced that it has entered into an amended agreement to acquire Johnson Matthey's Catalyst Technologies business segment, which adjusts the total consideration from £1.8 billion to £1.325 billion and extends the long stop date to July 21, 2026. In the event that 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 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 U.S. or globally, supply chain disruptions, capital markets volatility, inflation, and certain regional conflicts, which can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this release can or will be achieved. These forward-looking statements should be considered in light of the information included in this release, our Form 10-K, and our other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.

Contacts:
Media	Investor Relations
Stacey Jones	Mark Macaluso
(980) 378-6258	(704) 627-6118
Stacey.Jones@honeywell.com	Mark.macaluso@honeywell.com

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SOURCE Honeywell

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the revised purchase price for Johnson Matthey's Catalyst Technologies in Honeywell's HON deal?

The revised purchase price is A31.325 billion. According to the company, this replaces the prior A31.8 billion figure and reflects the amended agreement signed on Feb 23, 2026.

When is the long stop date for Honeywell's HON acquisition of Johnson Matthey's Catalyst Technologies?

The long stop date is now July 21, 2026, extendable to August 21, 2026 under certain conditions. According to the company, extensions accommodate outstanding regulatory approvals and closing requirements.

Will the Honeywell (HON) acquisition of Johnson Matthey catalysts be accretive to earnings?

The acquisition is expected to be accretive to adjusted EPS in Honeywell's first full year of ownership. According to the company, accretion assumes completion by the anticipated end-August 2026 timeframe and customary conditions.

What strategic benefits does Honeywell (HON) expect from buying Johnson Matthey's Catalyst Technologies?

Honeywell expects expanded installed base and complementary catalyst offerings across refining and renewable fuels. According to the company, the deal aims to integrate Process Technologies and broaden aftermarket capabilities.

What conditions could delay closing of Honeywell's HON acquisition of Johnson Matthey assets?

Closing depends on customary conditions and receipt of required regulatory approvals, which remain outstanding. According to the company, failure to meet approvals by the long stop date could trigger a permitted extension.

By when does Honeywell (HON) anticipate completing the Johnson Matthey catalyst acquisition?

Honeywell anticipates completion by end of August 2026, subject to customary closing conditions. According to the company, timing depends on regulatory approvals and whether the long stop date is extended.