Air Products has signed a deal to divest its liquefied natural gas (LNG) process technology and equipment business to Honeywell for $1.81bn in an all-cash transaction.
The industrial gas giant today (10th July) confirmed the news and said the sale will increase its focus on its two-pillar strategy: to grow its industrial gas business, including related technology and equipment, and to be a first mover in clean hydrogen.
Post-acquisition, Honeywell will have a holistic offering that will encompass natural gas pre-treatment and state-of-the-art liquefaction, utilising digital automation technologies unified under the Honeywell Forge and Experion platforms.
Honeywell provides a pre-treatment solution serving LNG customers, but the full-service solution will enable efficient, reliable, and optimised management of natural gas assets, delivering unparalleled value and support.
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