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Honeywell International Inc on Monday said it has agreed to amend the terms of its acquisition of Johnson Matthey PLC’s Catalyst Technologies business, cutting the agreed price and extending the long stop date for completion. The Charlotte, North Carolina-based industrial conglomerate said total consideration has been reduced to £1.33 billion from £1.8 billion. The long stop date for satisfying closing conditions has been extended to July 21, 2026, with a potential further extension to August 21, 2026 if certain conditions are met. London-based speciality chemicals maker Johnson Matthey confirmed the revised terms, noting the amended price reflects Catalyst Technologies’ performance in the 2025-26 financial year, including deferred sustainable solutions licensing projects and lower profitability in catalyst supply. Shares in Johnson Matthey were down 12% at 2,014.00 pence in London on Monday morning. Honeywell shares ended up 1.3% at 243.97 pence in New York on Friday. The London-based chemicals company said it now expects to return around £1.0 billion of net sale proceeds to shareholders following completion. This will comprise £800 million through a special dividend with share consolidation and £200 million via an on-market share buyback programme. Completion of the transaction is expected by the end of August 2026, subject to customary closing conditions, including regulatory approvals. Honeywell said combining Catalyst Technologies with its Process Technologies unit is expected to expand its installed base in refining, petrochemical and renewable fuels markets, enhance its catalyst portfolio and generate synergies with its process automation operations. The acquisition is expected to be accretive to Honeywell’s adjusted earnings per share in the first full year of ownership. Johnson Matthey added it remains on track to deliver full-year 2025-26 performance in line with guidance, including group underlying operating profit growth at the higher end of a mid single digit percentage range and materially higher free cash flow than the prior year. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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