- Strategic divestiture reflects Air Products' commitment to
its industrial gases and clean hydrogen growth strategy
- All related assets, intellectual property, manufacturing
capability, and personnel have successfully transferred to
Honeywell
LEHIGH
VALLEY, Pa., Sept. 30,
2024 /PRNewswire/ -- Air Products (NYSE: APD) today
announced it has completed the sale of its liquefied natural gas
(LNG) process technology and equipment business to Honeywell for
$1.81 billion in cash. First
announced in July 2024, closing
conditions for the transaction have been fully met and regulatory
approvals received.
The divestiture of the LNG process technology and equipment
business is strategic, reflecting Air Products' firm focus on its
two-pillar growth strategy to profitably grow its core industrial
gases and related equipment businesses, and to deliver clean
hydrogen at scale.
With the sale, related assets, manufacturing capability and
personnel associated with the LNG process technology and equipment
business have transferred successfully to Honeywell, including
approximately 475 employees and the Port
Manatee, Florida coil-would heat exchanger manufacturing
facility.
Chairman, President and Chief Executive Officer Seifi Ghasemi said, "I want to thank our
former LNG colleagues for their contributions, hard work and
expertise, which have built a strong foundation that Honeywell can
now take forward. Air Products remains laser focused on creating
shareholder value by executing our growth strategy in industrial
gases and clean hydrogen to drive the energy transition and
decarbonize."
Lazard, Inc. served as financial advisors to Air Products, while
Skadden, Arps, Slate, Meagher & Flom LLP provided external
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. For more
information, visit www.airproducts.com or follow us on
LinkedIn, X, Facebook or Instagram.
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SOURCE Air Products