Latest news with #CleanAir
Yahoo
4 days ago
- Business
- Yahoo
Up 30% in a day, is this FTSE 250 stock primed for a come back?
There aren't many instances when the share price of a leading FTSE 250 constituent rises by a third at the ringing of the bell. But that's what happened to Johnson Matthey's (LSE: JMAT) stock yesterday (22 May) when it agreed to sell its Catalyst Technologies business to Honeywell in a £1.8bn deal. The business has been in divesting mode since the new CEO took charge back in 2022. It had already sold its battery material and medical device components businesses, but this deal dwarfs them. Having long been relegated from the FTSE 100, could a new streamlined business now be primed for a major comeback? The sale of its Catalyst Technologies business comes as something of a surprise to me. In its 2024 annual report it described it as 'a core growth driver'. So what changed? The simple answer is: pressure from an activist investor. Last January, its largest shareholder Standard Investments launched a scathing attack on the board, accusing it of a 'continued lack of urgency and incapacity' in arresting its poor share price performance. The spat eventually went public after the company responded to the claims in an open letter. To me, the business had simply overstretched itself. The process technology it designed and licenced for the energy and chemicals sectors was way outside its core competencies of Platinum Group Metals (PGM) and catalytic converters. The sale of Catalyst Technologies is great news for shareholders. It sold it on a cash and debt-free basis at a transaction multiple of 13.3 times earnings before interest tax depreciation and amortisation (EBITDA). The cash return to shareholders will be considerable at £1.4bn. This equates to 800p per share and represents 88% of the expected net sale proceeds of £1.6bn. I think the reaction by the market indicates strong approval of the deal. The cutting edge technology is used to create products for transportation fuels, fertilisers, wood products, paints, coatings and polymers. The fact that Honeywell was prepared to pay such a premium highlights the technology's growth potential. It was simply in the wrong hands to realise that potential. After all the divestments, what's left is PGM and Clean Air. The former is a well-established division with number one positions globally. But it's Clean Air that really interests me. A few years ago, its catalytic converters manufacturing hub was seemingly in long-term decline. Not now though. Over the past few years, production of battery electric vehicles has slowed considerably. At the same time, the regulatory environment has softened toward the traditional internal combustion engine (ICE). The company forecasts that globally an additional 19m light-duty ICE vehicles will now be produced between 2027 and 2034. Each will need cutting-edge catalytic converters. Clean Air sales are expected at more than £2bn in 2027/28, with 90% of that business already won. At the moment it feels to me that the business has turned a corner. But I'm not in a rush to buy into the stock just yet. I want to do more research. Yet with the share price nearly half what it was back in 2021 (despite the price rise), it could be one for an investor seeking a long-term recovery play to consider. The post Up 30% in a day, is this FTSE 250 stock primed for a come back? appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool Andrew Mackie has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Yahoo
23-05-2025
- Business
- Yahoo
Honeywell to Buy Johnson Matthey's Catalyst Unit for $2.4 Billion
U.S. industrials conglomerate Honeywell International said it agreed to buy Johnson Matthey's catalysts unit for 1.8 billion pounds ($2.42 billion), lifting shares in the British platinum refiner. The sale of the unit, which designs and produces catalysts for the chemicals and energy industries, is expected to deliver net sale proceeds of about 1.6 billion pounds to Johnson Matthey, the U.K. company said. How a New $40,000 SALT Cap Would Affect Your Tax Bill A Crypto Billionaire Who Feared Arrest in the U.S. Returns for Dinner With Trump Senate Votes to End California's EV Mandate Universal's $7 Billion Theme Park Sparks Arms Race With Disney The Bond Market Is Waking Up to the Fiscal Mess in Washington Honeywell said it expects the acquisition to be accretive to earnings in the first year. The combination of Johnson Matthey's Catalyst Technologies business with Honeywell's Energy and Sustainability Solutions unit will boost the group's growth and create cost synergies, the U.S. group said. The two businesses complement each other, Honeywell said, adding that it will for the first time be able to offer solutions for the production of lower emission fuels such as sustainable methanol, sustainable aviation fuel, blue hydrogen and blue ammonia. Following the transaction, Johnson Matthey will focus on its Clean Air business and the processing of platinum group metals, the London-listed group added. Shares in the U.K. chemicals company rose 33.2% in early morning trade Thursday on the back of the announcement. The stock is up 36% year to date, trading at 18.27 pounds. The disposal comes after Johnson Matthey came under pressure from its biggest shareholder, the U.S.-based conglomerate Standard Industries, which said that Johnson Matthey's board destroyed shareholder value. In an open letter sent in January, Standard Industries highlighted what it called the 'continued lack of urgency and incapacity of the current Board to do what is necessary to turn Johnson Matthey around and help it to realize its potential.' The deal is the latest in a series of acquisitions of U.K. assets by U.S. companies, including DoorDash's purchase of U.K. food delivery company Deliveroo. Meanwhile, Johnson Matthey posted revenue of 11.67 billion pounds for the year ended March 31, down 9% 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 Private Credit Has a Problem: Too Much Money Home Sales in April Fell for the Second Straight Month Apple, Tesla and Nvidia Shares to Trade as Digital Tokens on Crypto Exchange Kraken Rooftop Solar Takes Gut Punch in House Tax Bill Popular Fitness App Strava Clinches Valuation of More Than $2 Billion Sign in to access your portfolio
Wall Street Journal
22-05-2025
- Business
- Wall Street Journal
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
New York Post
18-05-2025
- Business
- New York Post
Suffolk County is full of crap — but taxpayers just flushed $3.8M into solving the problem
Some 70% of Suffolk County homes and businesses still rely on cesspools — but officials are planning to shell out millions to plug those properties into the municipal sewer system. County Executive Ed Romaine revealed plans to jumpstart a slew of projects with $3.8 million this year alone to modernize the sewer system, and ultimately recycle treated water to irrigate golf courses and other green spaces. 'We're addressing this crisis with sewer systems that don't just pump wastewater out to the ocean or the Sound — but systems that actually treat it properly and help protect our aquifer,' Romaine told The Post. Advertisement County Executive Ed Romaine revealed plans to jumpstart a slew of projects with $3.8 million this year alone to modernize the sewer system. Newsday via Getty Images The Republican explained that cesspools and septic tanks aren't just outdated — they're dangerous to Long Islanders. When waste sits underground for too long, it can seep into the soil and contaminate the aquifer beneath us, which is where the county gets all of its drinking water, and when that water gets tainted by human waste, it puts the entire region's health and safety at risk. Advertisement The new system, however, has no timetable to be completed and could take years. Romaine is now hoping the state and federal government will pitch in for the projects. Romaine explained that cesspools and septic tanks aren't just outdated — they're dangerous to Long Islanders. kaliantye – Suffolk hasn't seen a dime from the $4.2 billion Clean Water, Clean Air, and Green Jobs Environmental Bond Act — a massive state fund voters approved back in 2022 to help pay for exactly this kind of infrastructure, the executive said. Advertisement Romaine also told The Post that Suffolk County has not received any money the state was supposed to allocate from former President Joe Biden's $1 trillion infrastructure bill. 'If we have to, we will do this by ourselves,' Romaine told The Post about the possibility of receiving no state or federal funds. 'But it is a shame that the state would abandon Suffolk County in its time of need for environmental purposes,' he added. Gov. Kathy Hochul's office was not immediately available for comment.
Time of India
06-05-2025
- Automotive
- Time of India
Arvind Chandra appointed CEO of Tenneco India
Tenneco , an American automotive components manufacturer, has appointed Arvind Chandra as Chief Executive Officer of its Indian subsidiary, Tenneco India . Chandra will oversee the company's Clean Air, Monroe Ride Solutions (MRS), Champion Ignition, and Powertrain (Bearings and Sealings) businesses in India. He will focus on accelerating business growth, driving innovation, and positioning India as a global hub for manufacturing excellence. Jim Voss, CEO of Tenneco, said 'India continues to be a critical growth engine for Tenneco,' said Jim Voss, CEO of Tenneco. 'Arvind's leadership, global perspective, and deep understanding of the Indian automotive ecosystem will help us scale further, innovate faster, and deliver greater value to our customers and partners across the region.' His previous stints Chandra's background includes senior leadership positions at Delphi, Wabco, Faurecia (now Forvia), and Minda Corporation. Most recently, he served as India CEO for Aliaxis Group. His expertise spans manufacturing, marketing, sales, engineering, global business planning, and CEO-level leadership across multiple regions. Rishi Verma, President of Tenneco India, will report directly to Chandra. Verma will continue to lead day-to-day operations. The existing leadership structure beneath Verma will remain unchanged. Verma will also take on expanded responsibilities. He will assume oversight of Tenneco's piston, rings and valve seats and guides (VSG) businesses in India within the Powertrain solutions business. Tenneco has outlined key areas of focus for Tenneco India under Chandra's leadership. These include accelerating business growth and deepening customer partnerships.
