Air Products announced it has completed the sale of its liquefied natural gas (LNG) process technology and equipment business to Honeywell for $1.81 billion in cash.
First announced in July 2024, closing conditions for the transaction have been fully met and regulatory approvals received.
The divestiture of the LNG process technology and equipment business is strategic, reflecting Air Products' firm focus on its two-pillar growth strategy to profitably grow its core industrial gases and related equipment businesses, and 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, including approximately 475 employees and the Port Manatee, Florida coil-would heat exchanger 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."
Lazard, Inc. served as financial advisors to Air Products, while Skadden, Arps, Slate, Meagher & Flom LLP provided external legal counsel.
