Global technology manufacturer Honeywell plans to expand its energy transition services with the acquisition of Air Products’ LNG process technology and equipment business for $1.81 billion in an all-cash transaction, the companies announced July 10.

The integration of Air Products’ LNG process technology and equipment will allow Honeywell to offer natural gas pre-treatment and liquefaction services with digital automation technologies, unified under the Honeywell Forge and Experion platforms.

Air Products’ LNG business consists of the in-house design and manufacturing of coil-wound heat exchangers (CWHE) and related equipment. CWHEs provide what Honeywell calls the highest throughput of natural gas in a single exchanger for both onshore and offshore operations.

LNG heat exchanger
A completed LNG heat exchanger, manufactured at Air Products' Port Manatee facility, is being loaded onto a carrier for shipment. (Source: Air Products)

"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,” said Air Products' Chairman, President and CEO Seifi Ghasemi. 

Ghasemi said Air Products plans to be a “first-mover” in delivering clean hydrogen at scale to decarbonize industrial and heavy-duty transportation sectors.

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