By Dean Seal

Honeywell International said it has agreed to acquire the liquefied natural-gas process technology and equipment business from Air Products & Chemicals for $1.81 billion, confirming an earlier report from The Wall Street Journal.

The Charlotte-based industrial conglomerate said Wednesday that the all-cash transaction would build on its energy transition capabilities and be immediately accretive to sales growth and segment margin, and ultimately full-year adjusted earnings in the first full year of ownership.

The Wall Street Journal reported earlier Wednesday that Honeywell, which operates across multiple industries and has a market capitalization of almost $140 billion, had landed its fourth acquisition deal in a matter of months.

Buying the liquefied natural gas, or LNG, business from Air Products would expand Honeywell's offerings to customers as the global gas supply grows and demand rises.

The acquisition is expected to close before the end of the calendar year, subject to regulatory approval.

Write to Dean Seal at

(END) Dow Jones Newswires

07-10-24 0743ET