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

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.

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.