Honeywell to Buy Johnson Matthey's Catalyst Unit For $2.4 Billion
U.S. industrials conglomerate Honeywell International said it agreed to buy British platinum refiner Johnson Matthey's catalysts unit for 1.8 billion pounds ($2.42 billion).
That the deal to buy Catalyst Technologies is expected to deliver net sale proceeds of about 1.6 billion pounds to Johnson Matthey, the U.K. company said.
Following the sale of the unit, Johnson Matthey will focus on Clean Air and the platinum group metals, the London-listed group added.
Meanwhile, Johnson Matthey posted revenue of 11.67 billion pounds for the year ended March 31, down 9% year-on-year.
Its operating profit grew to 538 million pounds from 249 million pounds, while pretax profit rose to 486 million pounds from 164 million pounds.
Analysts had expected revenue of 12.08 billion pounds, pretax profit of 733.3 million pounds, and operating profit of 793.4 million pounds, according to company-compiled consensus estimates.
The board proposed a final dividend of 55 pence a share.
Write to Cristina Gallardo at cristina.gallardo@wsj.com
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