The deal includes Air Products’ LNG assets, intellectual property, manufacturing capability and personnel. (Source: Shutterstock)
Air Products has completed the sale of its LNG process technology and equipment business to Honeywell for $1.81 billion in cash.
The deal includes Air Products’ LNG assets, intellectual property, manufacturing capability and personnel.
Air Products said its divestiture, announced in July, reflects the company’s two-pillar growth strategy of profitably growing its core industrial gases and related equipment businesses, and the company’s focus to deliver clean hydrogen at scale.
With the sale, related assets, manufacturing capability and personnel associated with the LNG process technology and equipment business have transferred successfully to Honeywell. Air Products’ approximately 475 employees and the Port Manatee, Florida coil-wound heat exchanger manufacturing facility, were also transferred.
"I want to thank our former LNG colleagues for their contributions, hard work and expertise, which have built a strong foundation that Honeywell can now take forward,” Air Products Chairman, President and CEO Seifi Ghasemi said in a Sept. 30 press release. “Air Products remains laser focused on creating shareholder value by executing our growth strategy in industrial gases and clean hydrogen to drive the energy transition and decarbonize."
Lazard Inc. served as financial advisers to Air Products, while Skadden, Arps, Slate, Meagher & Flom LLP provided external legal counsel.
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