Air Products (NYSE) has finalized the sale of its liquefied natural gas (LNG) process technology and equipment business to Honeywell for $1.81 billion in cash. Originally announced in July 2024, the transaction has now met all conditions, with the necessary regulatory approvals secured.
This divestiture aligns with Air Products’ strategic focus on its core industrial gases and clean hydrogen growth pillars. The sale includes the transfer of assets, manufacturing capabilities, and approximately 475 employees, as well as the Port Manatee, Florida coil-wound heat exchanger manufacturing facility, to Honeywell.
Seifi Ghasemi, Chairman, President, and CEO of Air Products, expressed gratitude to the company’s former LNG team, recognizing their contributions. Ghasemi emphasized Air Products’ ongoing commitment to creating shareholder value through its industrial gases and clean hydrogen initiatives, aiming to drive the energy transition and support decarbonization efforts.
Lazard, Inc. served as financial advisors for Air Products, with Skadden, Arps, Slate, Meagher & Flom LLP providing legal counsel.
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 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 approximately $60 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.
