JM sells Catalyst Technologies division to Honeywell in £1.8bn deal
ohnson Matthey (JM) has agreed to sell its Catalyst Technologies division, which includes hydrogen and sustainable fuel production assets, to Honeywell for £1.8bn ($2.4bn).
The British firm has faced growing investor pressure to simplify its operations and boost shareholder returns. By offloading one of its four core divisions, JM aims to sharpen its focus on its remaining business units, such as platinum group metal processing.
The company will retain approximately £200m ($268m) of the proceeds for general corporate purposes, while returning around £1.4bn ($1.88bn) to shareholders, equating to roughly £8 ($10.74) per share.
The Catalyst Technologies business sold to Honeywell includes Johnson Matthey’s work in blue hydrogen, carbon capture and storage (CCS), and ammonia, as well as sustainable fuels such as SAF and biomethanol.
However, JM has retained its green hydrogen and fuel cell technologies businesses, including a fully equipped but currently idle facility in Royston designed to manufacture key components for electrolysers.
A company representative confirmed to H2 View that the necessary capital commitments have already been made, and operations for the facility will begin once market demand supports it.
Honeywell’s acquisition adds proven, globally integrated assets to its expanding clean energy portfolio, building on recent investments in SAF technologies and low-carbon solutions through its UOP business. The sale is scheduled to be completed in 2026.
“This allows JM to realise a very attractive valuation for this business that fully reflects its strong long-term growth prospects,” Liam Condon, Chief Executive of Johnson Matthey, said.
“We will now fundamentally re-shape Johnson Matthey into a more focused and leaner business.”
The sale follows a period of internal restructuring.
In December 2024, major shareholder Standard Investments, which holds around 11% of JM’s shares, called on the company to de-risk or divest its hydrogen technologies business, citing continued losses and unclear profitability.
In January 2025, JM suspended capital expenditure on its separate green hydrogen and fuel cell technologies business, cutting annual investment to “maintenance levels” of £5m ($6.2m) or less from FY2025/26.
JM also appointed a new Chief Financial Officer in February 2025 and launched a search for its next Chair, signalling further strategic recalibration.
https://www.h2-view.com/story/updated-jm-sells-catalyst-technologies-division-to-honeywell-in-1-8bn-deal/2126458.article/
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