Johnson Matthey completes acquisition of SCR catalysts producer CORMETECH
Johnson Matthey Plc (JM) has announced the completion of its acquisition of CORMETECH Inc. (Cormetech), following the satisfaction of customary closing conditions including all regulatory approvals.
The acquisition marks an important milestone in JM’s wider strategy to create a more focused, lean and cash-generative group delivering sustainable value for shareholders.
Founded in 1989, Cormetech is a globally leading, high-growth US manufacturer of Selective Catalytic Reduction (SCR) catalysts serving over 400 long-standing customers. Its technologies are instrumental in cleaning the air of pollutants and gases emitted by industrial, refining, petrochemical and power generation infrastructure, allowing them to consistently and effectively meet compliance standards.
Cormetech’s differentiated portfolio of products and technology is highly complementary to JM Clean Air Solutions business. In particular, Cormetech's IP in gas turbines and module designs will enable JM to offer customised best-in-class catalysts and systems for a range of energy platforms. It is expected to materially enhance Clean Air Solutions’ scale, helping to establish a combined deep market presence in the US’s power generation market, which is seeing strong demand through the rapid construction of data centers.
The transaction allows JM to further benefit from a global market for emission control catalysts that is experiencing sustained growth, driven by intensifying and tightening emissions regulations and a broader industrial movement towards further decarbonization. As power utilities and energy-intensive industries accelerate the transition to cleaner operational standards, the demand for Cormetech’s and Clean Air Solutions’ technologies is expected to grow significantly.
Cormetech, together with Clean Air Solutions, will result in a fast-growing, globally leading business operating in attractive, large and growing end markets with sales expected to be in excess of £200 million and an operating margin of at least mid-teens in 2026/27.
Liam Condon, Chief Executive of Johnson Matthey, said: “This is a defining moment for both Cormetech and Johnson Matthey and it comes at a key point in time for the industries we serve. Cormetech is a fantastic fit for JM. By bringing together its leadership in stationary emission control with JM’s global reach and complementary technology, we’re creating a global leader in a strongly growing market”.
“The opportunity is particularly exciting in power generation, where the rapid growth of AI and data centres is driving significant new demand. Together, we have the technology, IP and expertise to help customers meet that demand while controlling emissions. Most importantly, we are bringing together two highly talented teams with a shared passion for technology, customers and clean air. I am very excited about what we can achieve together.”
Patricia Martinez, Chief Executive of Cormetech, said: “Joining forces with Johnson Matthey is a tremendous opportunity for our employees and customers. We have much in common; for decades, both companies have been driven by a shared mission to provide advanced, reliable emissions control solutions that protect our environment. As part of JM, we combine our significant technical expertise and global reach to accelerate our impact, continuing to deliver the market leading technology solutions and products that our customers depend on.”
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