Johnson Matthey Plc (JM; London, U.K.; www.matthey.com) announced that it has reached an agreement to acquire CORMETECH Inc. (Durham, N.C.; www.cormetech.com), a leading U.S. manufacturer of selective catalytic reduction (SCR) catalysts providing emissions control for stationary power generation and industrial applications.
Under the terms of the Transaction, JM will acquire Cormetech for an enterprise value of $360 million payable in cash on completion, which represents a 10.3x acquisition multiple based on Cormetech’s expected 2026 EBITDA (earnings before taxes, interest, taxes and amortization). An additional earn-out consideration of up to a total of $100 million may be payable in cash during calendar years 2028 and 2029, conditional on Cormetech achieving certain financial performance targets.
Acquisition of the leading SCR catalyst manufacturer with a significant marketpresence in a structurally growing US power generation market, with demandunderpinned by the rapid construction of data centers.
The transaction is expected to complete at the end of June or in July 2026 following receipt of customary regulatory approvals
Liam Condon, Chief Executive Officer, 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 emissions control for the rapidly growingUS power generation market. Through this highly complementary acquisition, we will be able to materially enhance the scale of our Clean Air Solutions business whilst delivering attractivefinancial outcomes to support sustainable value creation for our shareholders.
Cormetech was founded in 1989 and is the global leader in the design, production and full life-cycle management of SCR catalysts for natural gas turbines and coal-fired power plants. SCRcatalysts provide a highly effective solution to clean the air of nitrogen oxides pollutants emitted by industrial, refining, petrochemical and power generation companies.