Johnson Matthey

What Johnson Matthey does

Johnson Matthey is a UK-listed global materials technology company (LSE: JMAT, founded 1813, ~9,500 employees) that develops and manufactures catalysts, chemical process technologies, and engineered materials centered on platinum group metals (PGMs). The business operates across five divisions: Transport (mobile emissions control catalysts, fuel cell components), Energy (hydrogen production technologies, sustainable aviation fuel via HyCOgen and FT CANS, FCC additives, biorenewables), Chemicals (syngas, ammonia, methanol, speciality chemicals), PGMs and Circularity (PGM refining, recycling, trading, industrial products), and Life Science Technologies (biocatalysis, pharmaceutical and agrochemical catalysts).

Revenue is generated primarily through direct OEM enterprise relationships (estimated 70-80% of revenue) for automotive and industrial catalyst supply, supplemented by technical licensing of proprietary process technologies (HyCOgen, FT CANS, HyRefine, FT CANS, DPFi), PGM refining and recycling services, and stationary emissions control solutions following the pending Cormetech acquisition. Customers span automotive OEMs, refineries, chemical producers, hydrogen and fuel cell developers (e.g., Plug Power), SAF projects (e.g., Phelan Green), and stationary power operators. FY2025/26 underlying operating profit reached £340 million with free cash flow up 163% to £168 million, while the Clean Air division posted a 14.5% operating margin.

The company is undergoing a significant portfolio transformation: divesting its Catalyst Technologies business to Honeywell for £1.325 billion (expected close by end of August 2026) while acquiring Cormetech for $360 million to expand into stationary emissions control and data center markets. Strategic priorities include scaling hydrogen and SAF technologies, commercializing circular PGM recovery, and returning approximately £1 billion to shareholders following the Honeywell transaction.

Name

Johnson Matthey

Legal name

Johnson Matthey Plc

Website

https://matthey.com

Company type

Public

Founded year

1813

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Johnson Matthey is a UK-listed global materials technology company developing PGM-based catalysts, chemical process technologies, and hydrogen solutions for automotive, energy, refining, and chemical industry customers across 25+ countries.

Ownership category

akta.pro rank

Product category

Specialty Chemicals and Catalysts

NAICS

Chemical Manufacturing (325), Other Chemical Product and Preparation Manufacturing (3259)

SIC

Chemicals & Allied Products (2800), Wholesale-Chemicals & Allied Products (5160), Miscellaneous Chemical Products (2890)

akta.pro primary industry

Precious Metals & Catalyst Materials (PGM Catalysts) (IMAEAIAN)

akta.pro secondary industries

Environmental & Emissions Control Catalysts (DeNOx/DeSOx/DOC/CO Oxidation) (IMAEAIAC), Oilfield & Refining Specialty Chemicals (IMAEABAI)

Keywords

• Emissions control catalysts
• Platinum group metals
• Sustainable aviation fuel
• Hydrogen production technology
• Specialty chemical catalysts

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D

Revenue model

1. Clean Air Division: Vehicle emissions control catalysts and solutions for light duty and heavy duty vehicles
2. PGM Services: Platinum group metal refining, recycling, and trading services
3. Technical Licensing: Licensing of proprietary technologies including hydrogen technologies, sustainable aviation fuel, syngas processes
4. Catalyst Products: Sale of catalyst products for chemical processing, refinery, and industrial applications
5. Hydrogen Technologies: Fuel cell components, electrolyser technology, and hydrogen production solutions
6. Cormetech (Acquisition): Selective catalytic reduction catalysts for stationary power generation and industrial applications

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Johnson Matthey develops, manufactures, and licenses platinum group metal (PGM)-based catalysts, emission control systems, and proprietary process technologies for automotive, energy, chemical, and life sciences customers. Its portfolio spans mobile and stationary emissions control catalysts, hydrogen production and fuel cell technologies, sustainable aviation fuel (SAF) process technologies, syngas, ammonia, methanol, and FCC additives, plus PGM refining, recycling and trading services. The company sells directly to OEMs, refiners, chemical producers, and power generators, with revenue generated from product sales and technology licensing.

Product overview

Johnson Matthey is a specialty chemicals company organized into five main business divisions: Transport (fuel cells, mobile emissions control), Energy (hydrogen, biorenewables, sustainable aviation fuels, FCC additives), Chemicals (syngas technologies, ammonia, methanol, petrochemicals, speciality chemicals), PGMs and Circularity (PGM chemicals, catalysts, refining, recycling, industrial products, trading), and Life Science Technologies (biocatalysis, pharma and agrochem catalysts). The company also recently agreed to acquire Cormetech to expand its Clean Air Solutions business in stationary emissions control. Key technologies include HyCOgen and FT CANS for sustainable aviation fuel production, HyRefine for PGM recovery, and DPFi for diesel particulate filtration. The portfolio operates as distinct product lines serving automotive, chemical, energy, and life sciences industries globally.

Differentiator

Problem solved

Functional benefit

Products and services

• Fuel Cells Fuel cell technologies and components (including membrane electrode assemblies) for transportation and stationary power applications, supplied to fuel cell developers and hydrogen economy participants such as Plug Power.
• Mobile Emissions Control Catalytic emission control systems for light-duty and heavy-duty vehicles and non-road mobile machinery, helping OEMs meet tightening global emission regulations such as Euro 7 and China 6.
• Hydrogen Technologies Low-carbon hydrogen production, storage, and utilisation technologies, including electrolyser technology and components, supplied to industrial and energy customers and hydrogen economy partners.
• Sustainable Aviation Fuels (SAF) Technology HyCOgen and FT CANS technologies licensed to SAF project developers for producing synthetic aviation fuel from green hydrogen and captured CO2, including the Phelan Green R47 billion (US$2.5 billion) Saldanha Bay project.
• FCC Additives Fluid catalytic cracking (FCC) additives supplied to petroleum refineries to improve yield and product quality from cracking operations.
• Emission Control Solutions (Stationary/Low-Carbon Power) Stationary emission control solutions, including selective catalytic reduction (SCR) catalysts, supplied to power generation, industrial, and data centre operators (expanded by the Cormetech acquisition).
• Biorenewables Technologies and catalysts for converting biomass and waste materials into renewable chemicals and fuels, sold to industrial and energy customers.
• Purification Solutions Purification solutions used in syngas production and related energy applications to remove contaminants and improve process performance.
• Syngas Technologies Technologies and process designs for producing synthesis gas (syngas) from various feedstocks, used in chemical production and energy applications.
• Ammonia Catalysts and Technology Catalysts and process technologies for ammonia production and processing, supplied to chemical producers.
• Methanol Catalysts and Technology Technologies and catalysts for producing methanol from syngas, sold to chemical manufacturers globally.
• Formaldehyde Catalysts Catalysts used in formaldehyde production, supplied to chemical industry customers.
• Edible Oil Catalysts Catalysts used in edible oil processing, sold to food and oleochemical processors.
• Oleochemical Catalysts Catalysts used in oleochemical processing, sold to chemical industry customers.
• Petrochemicals Catalysts Catalysts and process technologies for petrochemical production, supplied to petrochemical manufacturers.
• Speciality Chemicals Catalysts Catalysts and technologies for specialty chemical production, sold to specialty chemical manufacturers.
• Purification for Syngas Production Purification solutions used in syngas production processes to remove contaminants.
• PGM Chemicals and Catalysts Platinum group metal-based chemicals and catalysts sold to industrial customers for automotive, chemical processing, and environmental applications.
• PGM Refining and Recycling Refining and recycling services for platinum group metals recovered from spent catalysts and industrial materials, enabling circular economy approaches for industrial customers.
• PGM Industrial Products Industrial products manufactured from platinum group metals, including specialised components and materials, sold to industrial buyers.
• PGM Prices and Trading Market information and trading services for platinum group metals, including pricing data and market intelligence reports sold to industrial buyers and traders.
• Biocatalysis Enzyme-based catalytic processes supplied to pharmaceutical and fine chemical manufacturers for sustainable manufacturing applications.
• Catalyst Screening and Optimisation Catalyst screening and optimisation services for life science customers developing pharmaceutical, agrochemical, and fine chemical processes.
• Pharma and Agrochem Catalysts Specialised catalysts for pharmaceutical and agrochemical synthesis and production, supplied to pharma and agrochem manufacturers.
• DPFi Diesel Particulate Filter System Diesel particulate filter system designed for underground mining environments to improve air quality, with Canadian and US safety certifications.
• HyRefine Circular Recovery Technology Chemical route technology for recovering platinum group metals and ionomers from proton exchange membrane fuel cell and electrolyser components, enabling circular recovery without compromising performance.
• Cormetech SCR Catalysts Selective Catalytic Reduction (SCR) catalysts for stationary power generation and industrial emissions control, including the rapidly growing data centre market.

Quantifiable outcome

• 14.5% Clean Air operating margin, up 270 basis points year-on-year
• +3 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles7 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered major, strategic and core.

• Phelan GreenmajorStrategic or Co-development Partner · 17 June 2026Technology licensing agreement for R47 billion (US$2.5 billion) 200 MW electro sustainable aviation fuel project in Saldanha Bay, South Africa. Johnson Matthey will deploy HyCOgen and FT CANS technologies alongside Honeywell's Fischer Tropsch process. Project scheduled to begin by end of 2026, producing approximately 140,000 tonnes of SAF annually.
• Phasecraft, Harvard, QuErastrategicStrategic or Co-development Partner · 17 June 2026$4.5 million ARPA-E contract to develop quantum algorithms for catalyst discovery targeting reduction of reliance on scarce and expensive platinum group metals like iridium. Initial focus on lowering cost of hydrogen production with quantum algorithms demonstrating up to 43,000,000 times efficiency improvements.
• Argonne National Laboratory, SLAC, Johns Hopkins, GTI Energy, Lila SciencesstrategicStrategic or Co-development Partner · 29 May 2026ARPA-E $34 million CATALCHEM-E program with $2.77 million to Argonne National Laboratory for Accelerated Catalyst Design Foundry. Goal to cut catalyst development time from 15-20 years to under 5 years using AI, automated labs, and rapid testing.
• Cormetech Inc.coreStrategic or Co-development Partner · 28 May 2026Johnson Matthey agreed to acquire Cormetech, a U.S. manufacturer of Selective Catalytic Reduction catalysts for $360 million base with up to $100 million earn-out. Cormetech has approximately 350 employees, two U.S. manufacturing sites, and reported 2025 sales of $129 million. Expected to close June/July 2026.
• ICAM (bp, University of Manchester, Cambridge, Imperial College London, University of Illinois)strategicStrategic or Co-development Partner · 15 April 2026ICAM collaboration framework agreement with bp and university partners expanded to include Johnson Matthey as associate member. Research focuses on materials, chemistry, catalysis, biosciences, and subsurface technologies to support net zero ambitions.
• SyensqocoreStrategic or Co-development Partner · 5 March 2026Demonstrated viable pathway to recover and reuse platinum group metals and ionomers from proton exchange membrane fuel cell and electrolyser components at kilogram scale without compromising performance. Combined recovery processes achieve high yields with potential carbon footprint reductions up to 80%.
• Sibanye-Stillwater and Valterra PlatinumcoreStrategic or Co-development Partner · 18 February 2026Multi-year collaboration to develop innovative technologies using Platinum Group Metals. The program aims to expand PGM applications beyond current uses, including emissions reduction, clean hydrogen technologies, advanced emissions detection, electronic materials, and high-performance alloys.
• Honeywell InternationalcoreStrategic or Co-development Partner · 22 May 2025Honeywell agreed to acquire Johnson Matthey's Catalyst Technologies business for £1.325 billion (reduced from £1.8 billion). The deal was renegotiated due to challenging market performance and extended regulatory approval timeline. Expected to close by end of August 2026. Johnson Matthey plans to return approximately £1 billion to shareholders following completion.
• Transform Materials LLCstrategicStrategic or Co-development Partner · 1 June 2024Partnership to reduce the carbon footprint of PVC manufacturing using low-carbon acetylene technology combined with mercury-free hydrochlorination catalyst. Transform Materials produces acetylene using microwave plasma technology without CO2 emissions.
• Plug PowercoreStrategic or Co-development Partner · 1 June 2023Long-term strategic partnership to accelerate the hydrogen economy. Plug Power is a leading provider of hydrogen fuel cell and electrolyser solutions, and Johnson Matthey supplies critical components including membrane electrode assemblies.

Scale indicators20 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Umicore: Belgian materials technology group with a comparable portfolio in PGM-based emission control catalysts, PGM refining and recycling, and rechargeable battery/hydrogen materials. Most direct PGM and Clean Air analogue to Johnson Matthey.
• Honeywell International: Acquiring JM's Catalyst Technologies business for £1.325B and a long-standing supplier of refining and process catalysts (UOP). Becomes the direct competitor in process and refining catalysts post-close.
• Haldor Topsoe: Danish specialty catalyst and process technology company focused on hydroprocessing, ammonia, methanol, and hydrogen catalysts — directly comparable to JM's syngas, ammonia, methanol, and hydrogen technology portfolio.
• Clariant: Swiss specialty chemicals company with a Catalysts business spanning petrochemical, syngas, and emissions catalysts — overlapping with JM's Chemicals and Clean Air segments.
• W. R. Grace: US specialty chemicals and catalysts producer with leading positions in FCC catalysts and process catalysts for refining and petrochemicals — directly comparable to JM's refinery catalyst business.
• Heraeus: German precious metals and technology group with PGM refining, recycling, and industrial products businesses — directly comparable to Johnson Matthey's PGM Services and Circularity division.
• Solvay (Syensqo): Belgian specialty chemicals group (post-split) and JM's circularity partner for PGM/ionomer recovery; competes in advanced materials, catalysts, and specialty polymers relevant to JM's chemical and hydrogen portfolios.

Broad incumbents

• BASF: Global chemical giant with a large Catalysts division covering mobile emissions, refining catalysts (FCC), and process catalysts — overlapping directly with JM's emissions control and chemicals process technologies offerings.
• Evonik Industries: German specialty chemicals company with catalysts, hydrogen peroxide, and silica products — overlaps with JM's specialty chemicals and process catalyst offerings.

Emerging players

• Plug Power: US hydrogen fuel cell and electrolyser company in a long-term strategic partnership with JM for membrane electrode assemblies and hydrogen technology — adjacent rather than directly competitive, but increasingly aligned in hydrogen commercialization.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries4 records

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A16 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Johnson Matthey