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

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.

Honeywell International has agreed to purchase Johnson Matthey’s catalyst technologies business for about $2.3 billion. It plans to combine the business with its UOP subsidiary to create a chemical process engineering and catalysis giant.