Johnson Matthey Cormetech Acquisition Strengthens Clean Air Catalyst Business

Johnson Matthey

Johnson Matthey Cormetech acquisition will expand the UK chemicals group’s clean air solutions business and strengthen its position in stationary emissions control. Johnson Matthey has agreed to buy US-based Cormetech for an enterprise value of $360mn in cash.

Johnson Matthey Cormetech acquisition terms also include a potential earn-out of up to $100mn linked to Cormetech’s performance in 2028-29. The transaction is expected to close by the end of June or July, subject to regulatory approvals.

Johnson Matthey Cormetech acquisition is strategically important because Cormetech produces selective catalytic reduction catalysts used to reduce nitrogen oxide emissions from gas and coal-fired power plants and industrial facilities.

The deal gives Johnson Matthey greater exposure to the US stationary emissions market, where tighter regulation and rising electricity demand are supporting demand for clean air technologies.

SCR Catalysts Gain Relevance as Power Demand Rises

Cormetech produces SCR catalysts that help cut NOx emissions from power generation and industrial processes. These systems remain important as power plants and heavy industrial facilities face stricter air pollution requirements.

The acquisition strengthens Johnson Matthey’s position beyond automotive emissions control. Stationary emissions are becoming more important as electricity demand rises from data centres, industrial electrification and grid reliability needs.

Data centre growth is especially relevant. Artificial intelligence infrastructure requires large amounts of reliable power, and that can support continued use of gas-fired generation in some markets.

If gas-fired power expands or runs at higher utilisation, emissions control systems will become more important. That creates a demand channel for SCR catalysts and related clean air services.

Cormetech generated sales of $129mn in 2025 and expects revenue of around $180mn in 2026. The company also expects Ebitda of about $35mn, giving Johnson Matthey an earnings-accretive platform in a growing market.

Catalyst Deal Supports Johnson Matthey’s Materials Strategy

Johnson Matthey expects the deal to increase earnings in the first full year after completion. It also expects at least $20mn in annual cost savings and revenue gains by 2030 from combining the businesses.

The transaction supports Johnson Matthey’s wider materials strategy. The company has deep expertise in catalysts, precious metals and emissions control, and Cormetech adds a stronger US industrial emissions platform.

Catalyst production also connects to platinum group metals markets, where Johnson Matthey remains a major global supplier and processor. This gives the acquisition a metals supply-chain angle beyond clean air regulation alone.

The deal comes as industrial customers face pressure to reduce emissions without compromising operating reliability. Power producers, refiners, chemical plants and industrial facilities need proven technologies that can meet regulatory requirements at scale.

For Johnson Matthey, Cormetech offers customer access, manufacturing capability and technology depth in stationary emissions control. For Cormetech, Johnson Matthey adds global scale, technical resources and commercial reach.

The acquisition shows that clean air technology remains a strategic market even as attention shifts toward batteries, hydrogen and electrification. Emissions control for existing industrial assets will still require investment.

The Metalnomist Commentary

Johnson Matthey’s Cormetech acquisition shows that decarbonisation does not eliminate the need for conventional emissions control. As data centres lift power demand, clean air catalysts could become more important for keeping gas and industrial assets compliant.