Latest news with #VimalKapur
Fibre2Fashion
26-05-2025
- Business
- Fibre2Fashion
Honeywell US to buy Johnson Matthey's catalyst business for $2.43 bn
Honeywell (NASDAQ: HON) announced that it has agreed to acquire Johnson Matthey's Catalyst Technologies business segment for £1.8 billion (~$2.43 billion) in an all-cash transaction, representing approximately 11x estimated 2025 EBITDA, inclusive of tax benefits and run-rate cost synergies. The combination of Johnson Matthey's Catalyst Technologies business with Honeywell's Energy and Sustainability Solutions (ESS) business segment is expected to add attractive high growth vectors to the portfolio and drive significant additional benefits through cost synergies. Johnson Matthey's Catalyst Technologies' business model complements Honeywell's existing UOP business of selling catalyst and process technologies and expands its installed base across refining and petrochemical catalysts. In addition, with an expanded portfolio, Honeywell will for the first time be able to offer customers a comprehensive solution for the production of lower emission, critical fuels including sustainable methanol, sustainable aviation fuel (SAF), blue hydrogen and blue ammonia, which enhance energy security and reduce emissions. The resulting offerings will provide licensed technology, engineering, services and catalysts to convert hydrocarbon and renewable feedstocks to high-value end products. Honeywell has agreed to acquire Johnson Matthey's Catalyst Technologies business for £1.8 billion (~$2.43 bn), enhancing its Energy and Sustainability Solutions portfolio. This acquisition will enable Honeywell to offer comprehensive solutions for lower emission fuels like SAF and blue hydrogen. The deal is expected to close by 1H 2026, boosting Honeywell's growth and synergies. "The acquisition of Johnson Matthey's Catalyst Technologies business broadens Honeywell's role as a world-class technology provider of critical energy needed to drive growth into the future – further strengthening our model of combining process technologies and process automation," said Vimal Kapur, Chairman and CEO of Honeywell . "As demand for diversified sources of energy continues accelerating, we will better enable Honeywell to offer the innovation our customers need." Johnson Matthey's Catalyst Technologies business segment is a leading provider of catalyst manufacturing and process technology licensing. It has approximately 1,900 employees and is headquartered in London, United Kingdom, with sites in the U.S., Europe and India. "As we continue to expand and evolve our ESS portfolio, 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," said Ken West, President and CEO of Honeywell's ESS segment . "Together, we will be able to create an integrated solution while also diversifying our UOP projects and service offerings to help our customers around the world continue innovating and driving energy security for the future." The acquisition is expected to be accretive to earnings in the first year and will add attractive high growth vectors to Honeywell's ESS business. The acquisition follows Honeywell's announcement of the planned spin-off of its Aerospace Technologies business along with the planned spin-off of its Advanced Materials business, which will result in three publicly listed industry leaders with distinct strategies and growth drivers. Since December 2023, Honeywell has announced a number of strategic actions to drive organic growth and simplify its portfolio, including approximately $11 billion of accretive acquisitions recently closed or announced: the Access Solutions business from Carrier Global, Civitanavi Systems, CAES Systems, the LNG business from Air Products, and Sundyne. In addition, Honeywell entered into an agreement to divest its Personal Protective Equipment business, which is expected to close in Q2 2025. Honeywell remains on pace to exceed its commitment to deploy at least $25 billion toward high-return capital expenditures, dividends, opportunistic share purchases and accretive acquisitions through 2025. Honeywell's acquisition of Johnson Matthey's Catalyst Technologies business segment is expected to close by 1H 2026, subject to customary closing conditions, including receipt of certain regulatory approvals. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (MS)
Fibre2Fashion
26-05-2025
- Business
- Fibre2Fashion
US based Honeywell sells PPE business to PIP for $1.325 bn
Honeywell (NASDAQ: HON) announced it has completed the sale of its Personal Protective Equipment (PPE) business to Protective Industrial Products, Inc. ("PIP") for $1.325 billion in an all-cash transaction. PIP is a global supplier and manufacturer of PPE products and a portfolio company of Odyssey Investment Partners. The sale further advances Honeywell's efforts to optimize its portfolio, while allowing the PPE business to build a strong future with PIP as it continues to deliver value for its customers across the globe. It also marks the completion of Honeywell's exit from the PPE space, following the 2021 divestiture of Honeywell's Lifestyle and Performance Footwear Business to Rocky Brands. Honeywell has completed the $1.325 billion all-cash sale of its PPE business to Protective Industrial Products, marking its full exit from the PPE sector. The move supports Honeywell's strategy to streamline its portfolio and focus on core businesses. This follows recent plans to spin off aerospace and advanced materials and several strategic acquisitions totalling $13.5 billion. "Completing the divestiture of our PPE business is another critical step in simplifying and optimizing our portfolio for growth in our core businesses," said Vimal Kapur, Chairman and CEO of Honeywell . "Beyond the benefits for Honeywell, the sale also strengthens PPE's future opportunities given the strong alignment to PIP's core business." The completion of this sale follows Honeywell's recent announcement of the planned separation of its Aerospace Technologies business along with the previously announced spin of Advanced Materials, which will result in three publicly listed industry leaders with distinct strategies and growth drivers. Since December 2023, Honeywell has announced a number of strategic actions to drive organic growth and simplify its portfolio. This includes $13.5 billion of accretive acquisitions: the Access Solutions business from Carrier Global, Civitanavi Systems, CAES Systems, the LNG business from Air Products and the announced acquisitions of Sundyne and Johnson Matthey's Catalyst Technologies Business. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (HU)
Business Mayor
23-05-2025
- Automotive
- Business Mayor
Johnson Matthey sells catalyst and process tech business to Honeywell for £1.8bn
JOHNSON MATTHEY is selling its catalyst technologies business to Honeywell for £1.8bn (US$2.4bn). The catalysts technology business designs and licenses process technologies and designs and makes catalysts for processes used in the energy and chemicals industries. This includes the LCH process licensed for use at the blue hydrogen plants being built by bp in Teesside and EET at Stanlow. The business has around 1,900 employees and is headquartered in London with sites in Europe, India and the US. It will be absorbed into the automation business of Honeywell, which includes the US conglomerate's own process technology unit, UOP. Johnson Matthey has been under pressure to change after its largest investor published an open letter in December attacking the performance of the board running the UK-listed chemicals firm. Once the deal is completed, which is expected in the first half of next year, Johnson Matthey will return £1.4bn from the sale to shareholders. 'Today's announcement represents a significant milestone in the history of Johnson Matthey,' said company CEO Liam Condon. 'We will now fundamentally reshape Johnson Matthey into a more focused and leaner business.' The sale of the catalyst technology business, which saw underlying profits rise 23% to £92m last year, will leave Johnson Matthey with three divisions. The largest is its clean air business that makes emissions control catalysts for cars and has seen profits hold steady at £273m. There is the platinum refining business where profits fell 9% to £149m, and the unprofitable green hydrogen technologies unit that lost £39m. In February, following a slump in demand for its green hydrogen technology components, Johnson Matthey cut its investment in the business to the bone. Honeywell expansion and division Honeywell says the purchase will allow it for the first time to offer customers a comprehensive solution for the production of lower emission fuels including methanol, sustainable aviation fuel (SAF), blue hydrogen and blue ammonia. Honeywell CEO Vimal Kapur said: 'The acquisition of Johnson Matthey's Catalyst Technologies business broadens Honeywell's role as a world-class technology provider of critical energy needed to drive growth into the future – further strengthening our model of combining process technologies and process automation.' In February, Honeywell announced plans to sell its aerospace technologies and speciality chemicals divisions to focus on becoming a standalone automation firm. Speaking then, Kapur said: 'Honeywell Automation will create the buildings and industrial infrastructure of the future, leveraging process technology, software, and AI-enabled, autonomous solutions to drive the next generation of productivity, sustainability, and safety…[it] will be better able to capitalise on the global megatrends underpinning its business, from energy security and sustainability to digitalisation and artificial intelligence.' Since December 2023, it has spent US$11bn acquiring other companies including US$1.8bn on the LNG business of Air Products and US$2.1bn on pump manufacturer Sundyne.
Trade Arabia
22-05-2025
- Business
- Trade Arabia
Honeywell to acquire Johnson Matthey's catalyst business
Honeywell has agreed to acquire Johnson Matthey's Catalyst Technologies business segment for £1.8 billion ($2 billion), representing approximately 11x estimated 2025 EBITDA, inclusive of tax benefits and run-rate cost synergies. The combination of Johnson Matthey's Catalyst Technologies and Honeywell's Energy and Sustainability Solutions (ESS) business segment is expected to add attractive high growth vectors to the portfolio and drive significant additional benefits through cost synergies. The expanded portfolio will provide customers with a comprehensive solution for the production of lower emission, critical fuels, including sustainable methanol, sustainable aviation fuel (SAF), blue hydrogen, and blue ammonia. The acquisition is expected to be accretive to earnings in the first year and add attractive high growth vectors to Honeywell's ESS business. "The acquisition of Johnson Matthey's Catalyst Technologies business broadens Honeywell's role as a world-class technology provider of critical energy needed to drive growth into the future – further strengthening our model of combining process technologies and process automation," said Vimal Kapur, Chairman and CEO of Honeywell. "As demand for diversified sources of energy continues accelerating, we will better enable Honeywell to offer the innovation our customers need." Johnson Matthey's Catalyst Technologies business segment is a leading provider of catalyst manufacturing and process technology licensing. It has approximately 1,900 employees and is headquartered in London, United Kingdom, with sites in the US, Europe and India. "As we continue to expand and evolve our ESS portfolio, 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," said Ken West, President and CEO of Honeywell's ESS segment. "Together, we will be able to create an integrated solution while also diversifying our UOP projects and service offerings to help our customers around the world continue innovating and driving energy security for the future."
Fibre2Fashion
30-04-2025
- Business
- Fibre2Fashion
US' Honeywell beats guidance with strong Q1, projects stable outlook
American manufacturer of aerospace textiles Honeywell has reported first-quarter (Q1) year-over-year (YoY) sales growth of 8 per cent to $9.8 billion and organic sales growth of 4 per cent, led by a second consecutive quarter of double-digit organic sales growth in both defence and space and building solutions. The operating margin of the company contracted 30 basis points (bps) to 20.1 per cent and segment margin was flat at 23 per cent, exceeding previous guidance. Meanwhile, the operating income increased 6 per cent and segment profit increased 8 per cent to $2.3 billion, driven by contribution from acquisitions and a continued focus on commercial excellence, Honeywell said in a press release. Honeywell has reported sales of $9.8 billion in Q1 2025, a growth of 8 per cent YoY, led by strong performance in defence, space, and building solutions. The operating income rose 6 per cent and segment profit 8 per cent to $2.3 billion. EPS was flat at $2.22; adjusted EPS rose 7 per cent to $2.51. For FY25, Honeywell expects up to $40.5 billion in sales and up to $10.50 in adjusted EPS. The earnings per share (EPS) for Q1 was $2.22, flat YoY and adjusted EPS was $2.51, up 7 per cent YoY. Operating cash flow was $0.6 billion and free cash flow was $0.3 billion, up 61 per cent YoY. Segment-wise, Aerospace Technologies sales for Q1 increased 9 per cent YoY organically, driven by continued strong performance in commercial aftermarket and defence and space. Commercial aftermarket sales grew 15 per cent, led by increased demand in air transport and better output from supply chain improvements. Defence and space sales increased 10 per cent on an organic basis, aided by ongoing geopolitical uncertainty. Segment margin contracted 190 bps to 26.3 per cent on account of expected mix pressure and the impact of acquisitions, partially offset by productivity actions, added the release. 'Honeywell started the year off exceptionally well, exceeding guidance across all metrics, led by solid organic growth,' said Vimal Kapur, chairman and chief executive officer (CEO) of Honeywell . 'For the third straight quarter, we delivered both sequential and year-over-year backlog growth, driven by healthy order rates and continuing customer demand for our differentiated offerings.' 'Despite the volatile macroeconomic backdrop, we maintained segment margin consistent with last year, which is a testament to the value delivered by our Accelerator operating system. Though we have not yet seen it in our results, we recognise we face an uncertain global demand environment for the remainder of 2025, and our company will work tirelessly, leveraging all tools available to us, to deliver for customers and shareholders,' added Kapur. For full year 2025, Honeywell expects its sales to be in the range of $39.6-$40.5 billion with organic sales growth in the range of 2 to 5 per cent. Segment margin is expected to be in the range of 23.2 to 23.5 per cent, with segment margin expansion of 60 to 90 bps YoY. The adjusted EPS is now expected to be in the range of $10.20- $10.50, up 5 cents at the midpoint from the prior guidance range. The company's operating cash flow is still expected to be in the range of $6.7 billion to $7.1 billion and free cash flow is projected to range from $5.4 billion to $5.8 billion. Fibre2Fashion News Desk (SG)
