Feb 23 (Reuters) - 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
Johnson Matthey Reduces Sale Price to Honeywell Amid Unit Challenges
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.
Details of the Revised Agreement
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.
Impact on Shareholder Returns
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.
Extended Deal Deadline
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)
