CORMETECH acquired by JOHNSON MATTHEY
Context
Johnson Matthey acquires Cormetech, a US-based specialist in SCR catalysts used for emissions control in power generation and industrial applications. The transaction strengthens JM’s Clean Air Solutions business, which focuses on pollution abatement technologies for stationary engines, gas turbines and coal-fired power plants. The acquisition is designed to enhance JM’s positioning in a structurally growing emissions control market, underpinned by stricter environmental regulation and rising electricity demand driven by data centre expansion and distributed power generation. It significantly broadens JM’s technological and geographic footprint across North American and global power markets. The combination is expected to create a more integrated global platform in stationary emissions control, leveraging complementary product portfolios, industrial capabilities and customer relationships. It also supports consolidation dynamics in the catalyst market, with increased focus on technology integration, lifecycle services and cross-regional industrial optimization between Europe and the United States.
CORMETECH, which reported an EBITDA margin of in 2026, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Industry & Manufacturing sector (11.6x).
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Target
Cormetech is a US-based industrial company specialising in the design, manufacturing and lifecycle management of SCR (Selective Catalytic Reduction) catalysts used for air emissions control in power generation and industrial applications. The company operates within the pollution control technology segment, focusing on the reduction of nitrogen oxide (NOx) emissions from fossil fuel-based power plants and industrial engines. The business covers the full value chain of catalyst solutions, including materials engineering, industrial production and after-sales services related to catalyst performance and replacement cycles. Its economic model is supported by a large installed base of SCR systems and a recurring demand profile driven by maintenance and replacement requirements.
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REFERENCES
Valuation range: EV 300M - 700M USD
Revenue range: 100M - 200M USD
EBITDA range: 25M - 50M USD
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: cormetech
Acquirer: johnson matthey