Johnson Matthey is offloading its catalyst technologies unit to Honeywell (HON, Financials) for 1.8 billion ($2.4 billion), sending shares up over 30% Thursday. Warning! GuruFocus

UK chemicals company Johnson Matthey has agreed to sell its catalyst technologies business to Honeywell International for 1.8 billion pounds ($2.4 billion), including debt, it said on Thursday, driving its shares up by a third.

The U.S. industrials conglomerate agreed to buy Johnson Matthey’s catalysts unit, lifting shares in the British platinum refiner.