Honeywell buys Air Products’ LNG technology for $1.81 billion


Lerato Khumalo

US-based industrial company Honeywell has reportedly reached an agreement with Air Products, the world’s leading industrial gas company, to acquire its liquefied natural gas (LNG) processing technology and equipment division for $1.81 billion.

Air Products has accepted Honeywell’s $1.81 billion cash offer to acquire its liquefied gas processing technology and equipment division, according to a joint statement from Honeywell and Air Products.

The acquisition is Honeywell’s fourth this year and is expected to be completed this year after obtaining the necessary permits.

Operating in various sectors from space, aviation to energy, Honeywell aims to strengthen its LNG technology capabilities for energy transformation with the acquisition in question.

Honeywell has been increasingly pursuing mergers and acquisitions in recent years to grow by focusing on megatrends such as automation, aviation and energy transformation.

The company is strengthening high-performing areas while divesting units that are not aligned with its growth strategy.

On June 20, Honeywell reached an agreement to acquire aerospace and defense technology company CAES Systems for $1.9 billion.