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Johnson Matthey cut the price of the catalysts technologies unit that it is selling to Honeywell International by more than a quarter and extended the deadline for the closure of the deal.

Johnson Matthey PLC has cut the price it is selling its Catalyst Technologies (CT) division to Honeywell and agreed to extend the deadline, saying it plans to return around £1 billion to shareholders. The chemicals group said it has lowered the price to reflect the deferral of key licensing projects and reduced profitability from supplying catalysts because of what it described as a challenging market environment.

UK chemicals company Johnson Matthey agreed to sell its catalyst technologies business to Honeywell for a reduced price of 1.33 billion pounds ($1.80 billion) on Monday, down from the previously agreed value of 1.8 billion pound.

Market forecasts for Johnson Matthey PLC (LSE:JMAT) suggest the chemicals sector will enjoy a sharp second-half recovery in 2026, which Deutsche Bank thinks may prove optimistic.  The bank reiterated a 'buy' rating for the FTSE 250-listed emissions control group and raised its price target from 2,300p to 2,400p ahead of the company's upcoming results.