
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.
Recommended Reading
Energy Transition in Motion (Week of Dec. 13, 2024)
2024-12-13 - Here is a look at some of this week’s renewable energy news, including the latest on explosive growth in grid-scale energy storage installations.
US Plans $7.5B Loan for Stellantis, Samsung JV for Battery Factories
2024-12-02 - If given the final go-ahead, Stellantis and Samsung’s StarPlus Energy joint venture will use the financing for lithium-ion battery cell and module manufacturing plants in Indiana.
Enphase, NextEnergy Partner on Energy Management Services in the Netherlands
2024-12-10 - The collaboration enables owners of Enphase Energy’s battery technology to participate in NextEnergy’s dynamic tariff program and join its virtual power plant.
SLB Capturi Completes Its First Modular Carbon Capture Plant
2025-01-23 - The Netherlands facility will capture up to 100,000 metric tons of CO2 annually, SLB said in a news release.
FREYR Closes Deal for Trina Solar Manufacturing Assets
2024-12-26 - FREYR Battery said it anticipates the facility, located in Wilmer, Texas, first solar cell production in the second half of 2026.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.