REG - Johnson Matthey PLC - Update on Catalyst Technologies sale

Johnson MattheyAnnouncement

Mon 07:00

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RNS Number : 9927T  Johnson Matthey PLC  23 February 2026

23(rd) February 2026

 

Johnson Matthey Plc

(the Company)

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Transaction update

On 22(nd) May 2025, Johnson Matthey Plc ("JM") and Honeywell International,
Inc. ("Honeywell") announced an agreement to sell JM's Catalyst Technologies
business ("CT") to Honeywell (the "Transaction").

JM and Honeywell have agreed to extend the long stop date for satisfaction of
the closing conditions (the "Long Stop Date") from 21(st) February to 21(st)
July 2026. In the event that the only remaining antitrust approval condition
is not satisfied by the Long Stop Date, the Long Stop Date may be further
extended to 21(st) August 2026, if certain conditions are met. JM and
Honeywell expect to complete the Transaction by the end of August 2026.

In agreeing to extend the Long Stop Date, JM and Honeywell have also agreed to
amend the financial terms of the Transaction to reflect CT's business
performance during 2025/26, which includes the deferral of key sustainable
solutions licensing projects and reduced profitability from the supply of
catalysts due to the challenging market environment.  Accordingly, JM has
agreed to sell the CT business to Honeywell for an enterprise value of £1,325
million on a cash and debt-free basis.

Consequently, JM now expects to return c.£1,000 million of net sale proceeds
to its shareholders following completion of the Transaction, comprising £800
million through a special dividend with share consolidation, and £200 million
through an on-market share buyback programme.

JM continues to make good progress on the implementation of its new
cash-focused business model and is on track to deliver 2025/26 performance in
line with guidance. This includes group underlying operating profit growth at
the higher end of a mid single digit percentage range¹, and positive free
cash flow that is materially higher than last year².

The person responsible for the release of this announcement is Simon Price,
General Counsel and Company Secretary of JM.

ENDS

 

 Enquiries:
 Investor Relations
 Louise Curran       Head of Investor Relations            +44 20 7269 8235
 Media
 Sinead Keller       Group External Relations Director     +44 20 7269 8218

 Guy Bates           Kekst CNC                             +44 7581 056 415

 

Johnson Matthey Plc is listed on the London Stock Exchange (JMAT)

Registered in England & Wales number: 00033774

Legal Entity Identifier number: 2138001AVBSD1HSC6Z10

 

 Notes:
 1.                Underlying operating profit is on a pro forma basis excluding CT and Value
                   Businesses, and at constant precious metal prices and constant currency.
 2.                Free cash flow defined as net cash flow from operating activities (excluding
                   disposal related costs) after net interest paid, net purchases of non-current
                   assets and investments and the principal elements of lease payments, adjusted
                   to reflect the classification of Catalyst Technologies as a discontinued
                   operation. 2024/25: £64 million inflow.

 

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