Air Products Concludes $1.81 Billion Sale of LNG Technology and Equipment Business to Honeywell

Air Products (NYSE: APD) announced on September 30, 2024, the completion of its $1.81 billion sale of the liquefied natural gas (LNG) process technology and equipment business to Honeywell. The sale, initially disclosed in July 2024, was finalized after meeting all closing conditions and receiving necessary regulatory approvals. This divestiture is part of Air Products' strategic focus on its core growth areas: expanding its industrial gases and related equipment businesses and delivering clean hydrogen at scale.

As part of the deal, Honeywell has acquired the assets, manufacturing capabilities, and personnel related to the LNG technology and equipment business, including approximately 475 employees and the Port Manatee, Florida, coil-wound heat exchanger manufacturing facility. Air Products' Chairman, President, and CEO, Seifi Ghasemi, expressed gratitude to the transferred employees, highlighting their significant contributions. He emphasized that the sale aligns with Air Products’ commitment to generating shareholder value by focusing on industrial gases and clean hydrogen to support the global energy transition and decarbonization efforts.

Lazard, Inc. acted as financial advisors to Air Products for the transaction, with Skadden, Arps, Slate, Meagher & Flom LLP providing legal counsel. Honeywell now takes over a well-established business built on a strong foundation that Ghasemi believes will thrive under its new ownership. Meanwhile, Air Products remains focused on its growth strategy, positioning itself as a leader in industrial gases and clean energy solutions.

Air Products (NYSE:APD)  is a global leader in industrial gases, with over 80 years of experience serving the energy, environmental, and emerging markets. The company focuses on two key growth pillars centered around sustainability. Its core business delivers essential industrial gases, equipment, and applications expertise to a wide range of industries, including refining, chemicals, metals, electronics, manufacturing, and food. In addition, Air Products develops, engineers, and operates some of the world’s largest clean hydrogen projects, helping drive the transition to low- and zero-carbon energy, particularly in the heavy-duty transportation and industrial sectors. The company also offers turbomachinery, membrane systems, and cryogenic containers worldwide.

In fiscal 2023, Air Products generated $12.6 billion in sales from operations across roughly 50 countries and currently holds a market capitalization of around $60 billion. The company’s diverse team of approximately 23,000 dedicated and skilled employees is united by a shared purpose: to develop innovative solutions that benefit the environment, promote sustainability, and push the boundaries of what’s possible to address the challenges faced by customers, communities, and the world.