Honeywell to buy Johnson Matthey’s catalyst technology unit

Honeywell International has agreed to purchase Johnson Matthey’s catalyst technologies business for about $2.3 billion. It plans to combine the business with its UOP subsidiary to create a chemical process engineering and catalysis giant.Johnson Matthey’s catalyst business generated $930 million in sales during the company’s most recent fiscal year. The business specializes in processes related to synthesis gas, a mixture of carbon monoxide and hydrogen, and is a leading provider of technology for making syngas-derived products such as ammonia, methanol, and formaldehyde.In recent years, the UK-based firm has been applying its know-how to low-carbon chemical production. For instance, it says its autothermal reforming technology for making hydrogen from natural gas can be easily integrated with carbon capture and storage. Honeywell’s UOP unit had 2024 sales of about $2.6 billion from processes and catalysts for refining and petrochemicals. UOP has a particularly strong position in aromatics and derivatives. It is also active in olefins with its Oleflex propane dehydrogenation technology. In recent years, UOP has added sustainable chemistry technology, such as the Ecofining process it developed with Italian energy company Eni. Ecofining makes diesel and sustainable aviation fuel from waste fats and oils.Last November, UOP and Johnson Matthey signed an agreement to join forces in Fischer-Tropsch and methanol routes to fuels from feedstocks such as municipal solid waste, residual biomass, and biogas.“Acquiring Johnson Matthey's Catalyst Technologies business will provide our customers a comprehensive and cost-effective approach to transition their businesses to high-value products with lower emissions," says Ken West, president of