Johnson Matthey Plans £1 Billion Capital Return Amid Business Restructuring
Johnson Matthey is preparing to return approximately £1 billion to shareholders as part of its corporate restructuring. The sale of its Catalyst Technologies division to Honeywell, valued at £1.325 billion, is a key move in this process, with an expected completion by August 2026.
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Johnson Matthey plans to return £1 billion to shareholders, consisting of an £800 million special dividend and a £200 million share buyback program. This follows the sale of the Catalyst Technologies unit to Honeywell, which has been adjusted to £1.325 billion due to delays in licensing projects and lower profitability in the catalyst business.
The sale is expected to close by the end of August 2026, marking a significant milestone in the company's portfolio cleanup. Johnson Matthey aims for operational profitability in its Hydrogen Technologies segment by the end of the fiscal year 2025/26 with a free cash flow significantly exceeding the previous year’s £64 million. The management forecasts adjusted operating profit at the upper end of a low single-digit percentage range for the ongoing business, excluding divested units.
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