- $1.81 billion acquisition bolsters Honeywell's energy transition capabilities through end-to-end offering for customers worldwide
  - Enhances Honeywell's Energy and Sustainability Solutions business with addition of ~475 skilled employees focused on driving the energy transition
  - Creates new opportunities for diversified growth and innovation in Honeywell's aftermarket services and software

Honeywell announced the completion of its acquisition of Air Products' liquefied natural gas (LNG) process technology and equipment business for $1.81 billion in an all-cash transaction. This further expands the comprehensive suite of top-tier solutions Honeywell offers its customers for managing their energy transformation journey.

Honeywell's full-service solution now provides customers a holistic offering that encompasses natural gas pre-treatment, state-of-the-art liquefaction and digital automation technologies unified under the Honeywell Forge and Experion platforms, as well as the addition of Air Products' coil-wound heat exchangers (CWHE) technology.

"The acquisition of Air Products' LNG process technology and equipment business strengthens Honeywell's energy transition portfolio and will enable our customers to manage their liquefied natural gas assets with greater efficiency and reliability," said Ken West, President and CEO of Honeywell's Energy and Sustainability Solutions (ESS) segment. "With the integration of the LNG business, we will be able to provide a greater level of energy transition management from beginning to end through a full spectrum of scalable solutions."

This is the fourth acquisition Honeywell has closed in 2024 as part of its disciplined capital deployment strategy. The company is focused on high-return acquisitions that will drive future growth across its portfolio, which is aligned with the three compelling megatrends of automation, the future of aviation and energy transition. Most recently, Honeywell completed its acquisition of CAES in August 2024, which further enhances its defense technology solutions across land, sea, air and space.

About Honeywell

Honeywell (NASDAQ: HON) is an integrated operating company serving a broad range of industries and geographies around the world. Our business is aligned with three powerful megatrends – automation, the future of aviation and energy transition – underpinned by our Honeywell Accelerator operating system and Honeywell Forge IoT platform. As a trusted partner, we help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations through our Aerospace Technologies, Industrial Automation, Building Automation and Energy and Sustainability Solutions business segments that help make the world smarter, safer and more sustainable.

About Air Products

Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets. The Company has two growth pillars driven by sustainability. Air Products’ base business provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food. The Company also develops, engineers, builds, owns and operates some of the world's largest clean hydrogen projects supporting the transition to low- and zero-carbon energy in the heavy-duty transportation and industrial sectors. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and provides turbomachinery, membrane systems and cryogenic containers globally.

The Company had fiscal 2023 sales of $12.6 billion from operations in approximately 50 countries and has a current market capitalization of over $50 billion. Approximately 23,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products’ higher purpose to create innovative solutions that benefit the environment, enhance sustainability and reimagine what's possible to address the challenges facing customers, communities, and the world.