Under the $1.81 billion deal, Honeywell will offer natural gas pre-treatment and liquefaction services, utilizing digital automation technologies. (Source: Shutterstock)
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.
"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.
Recommended Reading
The Asian Buyers are Coming and They’re Ready to ‘Overpay’
2025-06-16 - Asian buyers of U.S. oil and gas property “have a lower cost of capital to begin with and lower return thresholds,” an M&A advisor said. Their math on what a property is worth is different than the math U.S.-based oil and gas producers use.
Undrilled but not Unnoticed: White Space Buyers Invest Now for Future Upside
2025-04-18 - Undeveloped, unpermitted acreage lures private equity risk-takers who want in on the mineral and royalty coffers.
Reports: Mitsubishi Targeting Haynesville E&P Aethon in $8B Deal
2025-06-16 - Japan’s Mitsubishi is reportedly in talks to acquire Aethon Energy’s Haynesville assets in a deal that could be worth $8 billion.
US Energy M&A Shifts Gassier into Appalachia, Midcon as Oil Slips
2025-05-12 - U.S. upstream M&A activity reached $2.3 billion in April, defying a sharp 12% collapse in oil prices. Natural gas-driven deals led the way, including EQT’s $1.8 billion Olympus Energy acquisition.
US Shale Gas Investor Wincoram Acquired by Stone Ridge Energy
2025-04-22 - PureWest Energy investor Wincoram Asset Management was acquired by Stone Ridge Energy, the companies said April 22.
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.