What is the purchase price and structure of Johnson Matthey’s acquisition of Cormetech?

Johnson Matthey agreed to acquire Cormetech Inc. for an enterprise value of $360 million payable in cash at completion, representing a 10.3x multiple of Cormetech’s expected 2026 EBITDA; an additional earn-out of up to $100 million may be paid in cash during 2028 and 2029, contingent on Cormetech achieving specified financial performance targets.

How does Johnson Matthey expect the acquisition of Cormetech to benefit its business and shareholders?

Johnson Matthey expects the acquisition to materially enhance the scale of its clean air solutions business, support sustainable value creation for shareholders, deliver strong near- to long-term sales and profit growth (accretive to Johnson Matthey), and generate at least $20 million in annualized run-rate EBITDA synergies by 2030 — equivalent to ~60% of Cormetech’s expected 2026 EBITDA and comprising ~70% revenue and ~30% cost synergies — underpinned by a ~$300 million secured orderbook and a ~$1 billion project pipeline.

Johnson Matthey to Acquire Catalyst Manufacturer in North Carolina

May 28, 2026

Johnson Matthey agreed to acquire Cormetech Inc. for $360 million to expand its clean air solutions business. The deal, closing mid-2026, aims to generate $20 million in annualized synergies using Cormetech's selective catalytic reduction technology.

chemweek

2026-05-28

Johnson Matthey to Acquire Catalyst Manufacturer in North Carolina

Johnson Matthey to Acquire Catalyst Manufacturer in North Carolina

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