Britain's Johnson Matthey confirmed on Wednesday that it is in advanced discussions over a potential sale of its Catalyst Technologies division, in a deal that could be worth more than $2 billion.

US industrial tech firm Honeywell has agreed to acquire UK chemicals-and-tech business Johnson Matthey’s Catalyst Technologies business for £1.8bn ($2.4bn). The deal will expand its proposition in hydrogen, ammonia, and sustainable aviation fuel (SAF).

US industrials group Honeywell is close to securing a £1.8bn all-cash deal to buy the catalyst technologies arm of FTSE 250 chemicals company Johnson Matthey.