In its latest expansion move, Honeywell reached a $2.4 billion agreement on May 22 to acquire a British chemical company’s catalyst technologies business.
The acquisition of London-based Johnson Matthey’s catalyst unit expands the Charlotte-based tech and electronics manufacturing giant’s energy and sustainability business segment, Honeywell CEO and chairman Vimal Kapur said in a statement Thursday.
Johnson Matthey designs and manufactures catalysts for the automotive, energy and chemical industries, according to the company’s website. The catalysts remove pollutants and improve efficiency in industrial processes.
The all-cash transaction is expected to be completed within the first half of next year, pending regulatory approvals.
The deal means Honeywell will be able to offer customers “a comprehensive solution for the production of lower emission, critical fuels including sustainable methanol, sustainable aviation fuel, blue hydrogen and blue ammonia, which enhance energy security and reduce emissions,” Honeywell said.
“As demand for diversified sources of energy continues accelerating, we will better enable Honeywell to offer the innovation our customers need,” Kapur said.
Johnson Matthey’s catalyst business has about 1,900 employees in the U.S., Europe and India. Honeywell has 1,300 employees in Charlotte and nearly 100,000 workers worldwide.
The Johnson Matthey acquisition is the latest in a series of moves by Honeywell as it reconfigures parts of its operations.
In February, Honeywell said it would spin off its automation and aerospace tech businesses. The separations are expected to be completed by the second half of 2026.
In October, Honeywell announced it would spin off its advanced materials business, a transaction that is expected to be completed this year.
The splits will create three independent, publicly-traded companies.
Charlotte will be Honeywell’s automation business headquarters, while the aerospace business headquarters will be based in Phoenix, Arizona, and advanced materials business will be in Morris Plains, New Jersey.
Since December 2023, Honeywell has announced closing on $11 billion in acquisitions, including: Carrier Global Corp.’s security business, Civitanavi Systems, CAES Systems, Air Products LNG business and Sundyne.
Honeywell also recently agreed to sell its personal protective equipment business.
Last June, company veteran Kapur took over as CEO, replacing Darius Adamczyk.
In 2018, Honeywell announced it would move its global headquarters from New Jersey to Charlotte, in part due to to $87 million worth of state and local incentives. In December 2021, Honeywell officially opened its 23-story uptown headquarters on South Mint Street.
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