Johnson Matthey completes acquisition of CORMETECH Inc. catalyst maker

Johnson Matthey has completed its acquisition of CORMETECH Inc., a US manufacturer of Selective Catalytic Reduction (SCR) catalysts serving over 400 customers, following satisfaction of customary closing conditions including all regulatory approvals. The combined Clean Air Solutions business is expected to generate sales in excess of £200 million and an operating margin of at least mid-teens in 2026/27. The deal targets US power generation demand driven by data centre construction, alongside tightening emissions regulations.

Key facts

Market context

Selective catalytic reduction catalysts are used to cut nitrogen oxide emissions from flue gas, typically in power plants, industrial boilers, refineries and petrochemical units. They are usually based on titanium dioxide supports loaded with active metal oxides such as vanadium or tungsten, and they operate with ammonia or urea as the reducing agent. Demand is shaped mainly by emissions rules, the age and replacement cycle of installed fleets, and new gas-fired generation capacity. Catalyst supply is concentrated among a small number of specialist producers, so acquisitions of established manufacturers can shift share and strengthen the position of the acquirer in regulated end markets. Catalyst life and replacement schedules also make aftermarket sales a steady component of revenue. Growth in data centre construction has increased interest in on-site power generation, which can raise demand for emission control systems in regions with strict air permits.

Source: official release on matthey.com. Summary and context written by Market Krystal.