Johnson Matthey set to acquire US-based Cormetech creating global leader in stationary emissions control

An agreement has been reached for Johnson Matthey to acquire Cormetech, a leading and high-growth US manufacturer of selective catalytic reduction (SCR) catalysts, which provide emissions control for stationary power generation and industrial applications.

Cormetech’s technologies are highly complementary to Johnson Matthey’s own catalyst capabilities, which have long been a global leader in vehicle emissions control and increasingly in stationary technologies through its Clean Air Solutions business. 

Cormetech is a growing business, well-placed in the rapid AI and data centre build out in the US in particular. It is expected to deliver strong growth in 2026/27 and has a $1 billion project pipeline in the medium-term. 

The purchase of Cormetech will be for an enterprise value of $360 million, payable in cash on completion which is anticipated to complete at the end of June or in July ’26 following receipt of customary regulatory approvals

Liam Condon, Chief Executive, Johnson Matthey, said: “The acquisition of Cormetech is the next step in delivering our strategy of focusing on Johnson Matthey’s strengths. This is a business we have long admired, given its leading position and longstanding and diverse customer relationships in emission control for the rapidly growing US power generation market. Through this highly complementary acquisition, we will be able to materially enhance the capabilities of our Clean Air Solutions business whilst delivering attractive financial outcomes to support sustainable value creation for our shareholders.

“Together with the expected sale of our Catalyst Technologies business, this transaction represents another important milestone in our strategy to further strengthen JM, driving long-term value creation and cash generation.”
 

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