Honeywell to acquire Air Products’ LNG tech and equipment business

CHARLOTTE, July 10, 2024 – Honeywell will acquire Air Products’ LNG process technology and equipment business for USD 1.81 billion, the companies announced on Wednesday.

The deal will allow Honeywell to offer an integrated, end-to-end LNG solution, including natural gas pre-treatment and liquefaction using digital automation technologies.

It also opens new opportunities for diversified growth and innovation in aftermarket services and software, Honeywell said.

“This highly complementary acquisition will further strengthen our energy transition portfolio, and Air Products’ CWHE technology will immediately expand our installed base – creating new opportunities to compound growth in aftermarket services and digitalisation through our Honeywell Forge platform,” Honeywell chairman and CEO Vimal Kapur said.

For its part, Air Products said it plans to maintain its focus on industrial gases and related technology and equipment, as well as on scaling up clean hydrogen operations as a first mover in that field.

Last month, Air Products signed on to supply 70,000 tonnes per year of green hydrogen for 15 years to TotalEnergies for the decarbonisation of its refineries in Northern Europe.

Photo of an Air Products LNG heat exchanger courtesy of Air Products.

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