Air Products Completes $1.81 Billion Sale of Liquefied Natural Gas Process Technology and Equipment Business to Honeywell

Core Insights - Air Products has completed the sale of its liquefied natural gas (LNG) process technology and equipment business to Honeywell for $1.81 billion in cash, reflecting a strategic divestiture aligned with its focus on industrial gases and clean hydrogen growth strategy [1][2] Group 1: Transaction Details - The sale includes the transfer of related assets, intellectual property, manufacturing capability, and approximately 475 employees, along with the Port Manatee, Florida manufacturing facility [2] - The transaction was first announced in July 2024, and all closing conditions and regulatory approvals have been met [1] Group 2: Company Strategy - Air Products is committed to a two-pillar growth strategy that emphasizes the profitable growth of its core industrial gases and related equipment businesses, as well as the delivery of clean hydrogen at scale [1][2] - The company aims to create shareholder value by focusing on sustainability and the energy transition [2] Group 3: Company Overview - Air Products is a leading industrial gases company with over 80 years of operation, serving various industries including refining, chemicals, metals, electronics, manufacturing, and food [3] - The company reported fiscal 2023 sales of $12.6 billion and has a market capitalization of approximately $60 billion [4]