09:11 AM EDT, 05/22/2025 (MT Newswires) -- Honeywell International ( HON ) on Thursday agreed to acquire the catalyst technologies business of British specialty chemicals company Johnson Matthey in an all-cash deal worth 1.8 billion pounds ($2.41 billion).

The cash consideration reflects roughly 11 times estimated 2025 earnings before interest, taxes, depreciation and amortization, including tax benefits and run-rate cost synergies, according to Honeywell ( HON ).

The transaction, which requires approval from regulators, is expected to complete in the first half of 2026, the companies said in separate statements. Honeywell ( HON ) estimates the acquisition to be accretive to its per-share adjusted earnings in the first year, and add "attractive high growth vectors" to its energy and sustainability solutions segment.

Johnson Matthey's catalyst technologies business has 1,900 employees with sites across the US, Europe and India.

"The acquisition of Johnson Matthey's catalyst technologies business broadens Honeywell's ( HON ) 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," Honeywell ( HON ) Chief Executive Vimal Kapur said in a statement.

The industrial conglomerate expects the division to complement its existing business of selling catalyst and process technologies and broaden its installed base across refining and petrochemical catalysts.

In February, Honeywell ( HON ) announced plans to split into three publicly-listed entities as part of the company's goal to optimize its portfolio. The three entities, Honeywell Automation, Honeywell Aerospace and Advanced Materials, will have distinct strategies and growth drivers, it said at the time.

Since December 2023, Honeywell ( HON ) has announced or closed about $11 billion of accretive acquisitions to generate organic growth and simplify its portfolio, it said Thursday.