Honeywell International (HON) said Thursday it has agreed to acquire Johnson Matthey's Catalyst Technologies business for 1.8 billion British pounds ($2.41 billion) in cash.

Based in London, the business provides catalyst manufacturing and process technology licensing. It has about 1,900 employees with sites in the US, Europe and India, Honeywell said.

Closing of the deal is expected to occur by H1 2026, subject to customary conditions.

The company expects the deal to be accretive to earnings in the first year of ownership.