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.

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.