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Honeywell to acquire Air Products’ LNG biz for $1.81 bn
Automation, aviation and energy transition company Honeywell has acquired US-based Air Products’ liquefied natural gas (LNG) process technology and equipment business for $1.81 billion in an all-cash transaction, representing around 13x its estimated 2024 EBITDA. Honeywell says the acquisition will allow it to offer customers a comprehensive, top-tier solution for managing its energy transformation journey.
This is the fourth acquisition Honeywell has announced this year as part of its disciplined capital deployment strategy.
The acquisition covers natural gas pre-treatment and state-of-the-art liquefaction, utilising digital automation technologies unified under the Honeywell Forge and Experion platforms. Honeywell says the new offerings will enable efficient, reliable and optimised management of natural gas assets.
Currently, Honeywell provides a pre-treatment solution to its LNG customers globally. Air Products’ LNG process technology and equipment business consists of a comprehensive portfolio, including in-house design and manufacturing of coil-wound heat exchangers (CWHE) and related equipment.
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