Honeywell Acquires LNG Technology from Air Products for $1.81B in 2025 Boosting Energy Innovation
In a strategic $1.81 billion cash deal, Honeywell expands its energy portfolio by acquiring liquefied natural gas process technology and equipment from Air Products & Chemicals, enhancing LNG throughput and sustainability.
Highlights of the Acquisition
- Honeywell secures Air Products & Chemicals' liquefied natural gas (LNG) process technology and equipment business for $1.81 billion in cash.
- The deal centers on Air Products’ advanced coil-wound heat exchangers, delivering top-tier natural gas throughput with reduced carbon emissions.
- This marks Honeywell’s fourth acquisition in 2024, reinforcing its commitment to energy innovation.
Honeywell (HON) has announced its latest strategic move to acquire the LNG process technology and equipment segment from Air Products & Chemicals (APD) for $1.81 billion in cash, marking its fourth acquisition this year. The transaction is expected to finalize by the end of 2024.
This acquisition provides Honeywell with access to Air Products’ cutting-edge coil-wound heat exchangers, renowned for enabling the highest natural gas throughput within a single exchanger while maintaining a minimal carbon footprint.
Following the announcement, Honeywell shares rose by over 1%, with Air Products shares also experiencing a modest increase.
An Essential Step to Address Growing Global Energy Needs
Honeywell CEO Vimal Kapur emphasized, "As the world advances towards renewable energy infrastructures, natural gas remains a vital, lower-emission, and cost-effective transition fuel to meet the growing and evolving global energy demands."
Air Products’ LNG division, employing approximately 475 staff members, is headquartered in Allentown, Pennsylvania, with a major 390,000-square-foot manufacturing facility in Port Manatee, Florida.
Air Products CEO Seifi Ghasemi highlighted that this move allows the company to focus on expanding its core industrial gas business and related technologies, positioning itself as a pioneer in delivering scalable clean hydrogen solutions to decarbonize industrial sectors and heavy-duty transportation.
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