Finance
Johnson Matthey accepts 26% price cut on Honeywell deal as catalyst unit underperforms
Published by Global Banking & Finance Review®
Posted on February 23, 2026
1 min readLast updated: February 23, 2026
Tags:corporate strategy
Quick Summary
Johnson Matthey cut the price of its catalyst technologies sale to Honeywell to £1.33bn ($1.8B), down from £1.8bn. A Feb 23, 2026 Reuters update reports the revised valuation and cites $1 = £0.7393.
Feb 23 (Reuters) - Johnson Matthey on Monday agreed to slash the sale price of its catalyst technologies business to Honeywell by 475 million pounds ($642.49 million) to 1.33 billion pounds, after the unit underperformed in fiscal 2025 with deferred projects and weaker profitability.
The British chemicals company had previously agreed to a 1.8 billion pound deal with Honeywell in May last year as it streamlined its operations to focus on its two main businesses that make pollution filters for cars and process platinum group metals.
Johnson Matthey now expects to return around 1 billion pounds to shareholders following the deal's completion, down from the 1.6 billion pounds in net proceeds originally anticipated.
The companies also extended the deal deadline from February 21 to July 21, with a possible further extension to August 21 if antitrust approvals remain outstanding.
The deal is now expected to complete by August-end.
($1 = 0.7393 pounds)
(Reporting by Prerna Bedi and Yamini Kalia in Bengaluru; Editing by Subhranshu Sahu)
Key Takeaways
- •Johnson Matthey will sell its catalyst technologies business to Honeywell for £1.33 billion ($1.8B).
- •The revised valuation is down from the previously agreed £1.8 billion.
- •The update was reported on Monday, February 23, 2026.
- •The article cites an exchange rate of $1 = £0.7393.
- •Brief note indicates a renegotiated price; further terms were not disclosed.
Frequently Asked Questions about Johnson Matthey accepts 26% price cut on Honeywell deal as catalyst unit underperforms
1What is the main topic?
Johnson Matthey agreed to sell its catalyst technologies division to Honeywell for a reduced £1.33 billion ($1.8B), down from a prior £1.8 billion.
2What changed in the deal?
The sale price was cut from £1.8 billion to £1.33 billion, reflecting a renegotiated valuation reported on February 23, 2026.
3What exchange rate is referenced?
The article cites $1 = £0.7393, which aligns the £1.33 billion price with approximately $1.80 billion.
