Honeywell and Air Products have jointly announced that they will procure Air Products’ LNG process technology and equipment business for $1.81 billion (€ 1.66 billion) in an all-cash transaction.
As a result, Honeywell will be able to offer customers with top-tier solution for managing their energy transformation journey. The new offering will have natural gas pre-treatment and state-of-the-art liquefaction, utilizing digital automation technologies unified under the Honeywell Forge and Experion platforms. This full-service solution will enable efficient, reliable and optimized management of natural gas assets, delivering unparalleled value and support.
Vimal Kapur, chairman and CEO of Honeywell, says: ‘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.’
Air Products’ chairman, president and chief executive officer Seifi Ghasemi adds: ‘The decision to divest our LNG heat exchanger technology and equipment business reflects Air Products’ continued focus on its two-pillar strategy — to grow our core industrial gas business and related technology and equipment, and to be a first-mover delivering clean hydrogen at scale to decarbonize industrial and heavy-duty transportation sectors. The LNG business is a great business and at its strongest point in its decades-long history thanks to the outstanding work of our people, and they will be in good hands to advance as part of Honeywell’s related portfolio of technologies.’
