Air Products Completes Sale of its LNG Business to Honeywell for $1.8 Billion
Air Products recently completed the sale of its liquefied natural gas (LNG) process technology and equipment business to Honeywell for $1.81 billion (€1.63 billion) in cash.
First announced in July 2024, closing conditions for the transaction have been fully met and regulatory approvals received.
Air Products strategically divested its LNG process technology and equipment business to focus on its core industrial gases and clean hydrogen initiatives. The sale to Honeywell included related assets, manufacturing capabilities, employees, and its Florida manufacturing facility.
Chairman, President and Chief Executive Officer Seifi Ghasemi said, “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 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.”
"The acquisition of Air Products' LNG process technology and equipment business strengthens Honeywell's energy transition portfolio and will enable our customers to manage their liquefied natural gas assets with greater efficiency and reliability," said Ken West, President and CEO of Honeywell's Energy and Sustainability Solutions (ESS) segment. "With the integration of the LNG business, we will be able to provide a greater level of energy transition management from beginning to end through a full spectrum of scalable solutions."
