Johnson Matthey Lowers Price of Unit Being Sold to Honeywell to $1.8 Billion

is set to acquire Johnson Matthey Plc's Catalyst Technologies unit for £1.33 billion ($1.8 billion), a reduction from a previous agreement. Johnson Matthey anticipates returning approximately £1 billion in net proceeds to its shareholders.

The deal, which was initially agreed upon in May for £1.8 billion, faced the risk of collapse but has been salvaged with the revised price. The acquisition of the unit, which specializes in enzymes for industrial applications, is projected to be finalized by the end of August.

Honeywell had reportedly considered withdrawing from the transaction.