Honeywell to Buy Johnson Matthey’s Catalyst Business for $2.4 Billion

Johnson Matthey Plc shares soared by more than a third after announcing the sale of its catalyst business to Honeywell International Inc. for an enterprise value of about £1.8 billion ($2.4 billion) in cash.

The stock climbed as much as 34% in early London trading. The gain added about £760 million to the company’s market value, taking it to about £3.1 billion.