Honeywell and Air Products announce that the former has agreed to acquire the latter's liquefied natural gas (LNG) processing technology and equipment business for $1.81 billion, in an all-cash transaction.

With this acquisition, for approximately 13 times estimated 2024 EBITDA, Honeywell will be able to offer its customers 'a complete, best-in-class solution to manage their energy transformation journey'.

Air Products' LNG business has around 475 employees, with headquarters in Allentown, Pennsylvania, and a 36,200 m2 manufacturing facility in Port Manatee, Florida, where CWHEs (coil wound heat exchangers) of all sizes are produced.

The transaction, which is expected to be accretive in the first full year of ownership, is expected to close before the end of the calendar year, subject to customary conditions, including certain regulatory approvals.

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