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

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.

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).