Johnson Matthey Plc·Basic Materials

Johnson Matthey cut the price of the catalysts technologies unit that it is selling to Honeywell International by more than a quarter and extended the deadline for the closure of the deal.

Johnson Matthey PLC has cut the price it is selling its Catalyst Technologies (CT) division to Honeywell and agreed to extend the deadline, saying it plans to return around £1 billion to shareholders. The chemicals group said it has lowered the price to reflect the deferral of key licensing projects and reduced profitability from supplying catalysts because of what it described as a challenging market environment.

UK chemicals company Johnson Matthey agreed to sell its catalyst technologies business to Honeywell for a reduced price of 1.33 billion pounds ($1.80 billion) on Monday, down from the previously agreed value of 1.8 billion pound.

Market forecasts for Johnson Matthey PLC (LSE:JMAT) suggest the chemicals sector will enjoy a sharp second-half recovery in 2026, which Deutsche Bank thinks may prove optimistic. The bank reiterated a 'buy' rating for the FTSE 250-listed emissions control group and raised its price target from 2,300p to 2,400p ahead of the company's upcoming results.
Johnson Matthey Plc engages in the clean air, catalyst and hydrogen technology, and platinum group metals (PGM) service businesses in the United Kingdom, Germany, rest of Europe, the United States, rest of North America, China and Hong Kong, rest of Asia, and internationally. It operates through three segments: Clean Air, Efficient Natural Resources, and Other Markets. The Clean Air segment provides catalysts for emission control after-treatment systems to remove harmful emissions from vehicles, as well as cars, other light duty vehicles, trucks, buses, and non-road equipment powered by diesel and gasoline. The Efficient Natural Resources segment provides products and processing services for the use and transformation of critical natural resources including oil, gas, biomass, and platinum group metals; and circular economy solutions. This segment also offers specialty catalysts and additives; process technology and engineering design licenses; platinum group metal refining and recycling services, and chemical and industrial products; and other precious metal services. The Other Markets segment business portfolio includes precious metal pastes and enamels, battery systems, fuel cell technologies, battery materials, and green hydrogen; science and technology to develop the products for devices used in medical procedures; and detection, diagnostic, and measurement solutions. The company was formerly known as Johnson & Cock and changed its name to Johnson Matthey Plc in 1851. Johnson Matthey Plc was founded in 1817 and is based in London, the United Kingdom.
Basic Materials
Chemicals - Specialty
11,685
2010-06-09
0.90