Honeywell has agreed to acquire Air Products’ liquefied natural gas (LNG) process technology and equipment business for $1.81 billion in an all-cash transaction.
As a result of the acquisition, Honeywell will offer natural gas pre-treatment and liquefaction utilizing digital automation technologies unified under the Honeywell Forge and Experion platforms.
Currently, Honeywell provides a pre-treatment solution serving LNG customers globally. Air Products’ LNG process technology and equipment business consists of in-house design and manufacturing of coil-wound heat exchangers (CWHE) and related equipment.
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 it makes its CWHEs.
This transaction is expected to close before the end of the calendar year, pending regulatory approvals.
