Honeywell Acquires Air Products’ LNG Business in $1.81 Billion All-Cash Deal

In North Carolina, Honeywell has announced its acquisition of Air Products’ liquefied natural gas (LNG) process technology and equipment business for $1.81 billion in an all-cash transaction.Air Products’ LNG Business has approximately 475 employees with headquarters in Allentown, Pennsylvania and a 390,000-square-foot manufacturing facility in Port Manatee, Florida, where all sizes of coil-wound heat exchangers (CWHE) are made.

Currently, Honeywell provides a pre-treatment solution serving LNG customers globally. Air Products’ complementary LNG process technology and equipment business consists of a comprehensive portfolio, including CWHE in-house design and manufacturing. CWHEs provide the highest throughput of natural gas in a single exchanger with a small footprint and robust, reliable and safe operations both onshore and offshore.

“While the world continues to build the renewables-based energy infrastructure of the future, natural gas is a critical lower-emission and affordable transition fuel that will help meet ever-increasing and dynamic global energy demands,” said Vimal Kapur, Chairman and CEO of Honeywell.

Air Products will continue focusing on its core industrial gas business and advancing clean hydrogen technology. Seifi Ghasemi, Air Products’ CEO, stated that divesting the LNG business aligns with their strategy to grow in these areas.

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