M&A Deal Summary

Honeywell Acquires Air Products - Liquefied Natural Gas Process Technology & Equipment Business

On July 10, 2024, Honeywell acquired oil/gas exploration company Air Products - Liquefied Natural Gas Process Technology & Equipment Business from Air Products and Chemicals for 1.8B USD

Acquisition Highlights
  • This is Honeywell’s 3rd transaction in the Oil/Gas Exploration sector.
  • This is Honeywell’s 7th largest (disclosed) transaction.
  • This is Honeywell’s 56th transaction in the United States.
  • This is Honeywell’s 2nd transaction in Pennsylvania.

M&A Deal Summary

Date 2024-07-10
Target Air Products - Liquefied Natural Gas Process Technology & Equipment Business
Sector Oil/Gas Exploration
Buyer(s) Honeywell
Sellers(s) Air Products and Chemicals
Deal Type Divestiture
Deal Value 1.8B USD

Target

Air Products - Liquefied Natural Gas Process Technology & Equipment Business

Allentown, Pennsylvania, United States
Air Products' Liquefied Natural Gas (LNG) Process Technology & Equipment Business provides a comprehensive portfolio, including in-house design and manufacturing of coil-wound heat exchangers (CWHE) and related equipment. CWHEs provide natural gas in a single exchanger with a small footprint and robust, reliable, and safe operations both onshore and offshore.

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Buyer(S) 1

Buyer

Honeywell

Charlotte, North Carolina, United States

Category Company
Founded 1885
Sector Diversified
Employees95,000
Revenue 36.7B USD (2023)
DESCRIPTION
Honeywell office in Hyderabad, India.
Honeywell office in Hyderabad, India.

Honeywell is a diversified technology and manufacturing company, serving customers worldwide with aerospace products and services, control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions for homes, business and transportation. Honeywell was founded in 1885 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 84 of 84
Sector (Oil/Gas Exploration) 3 of 3
Type (Divestiture) 12 of 12
State (Pennsylvania) 2 of 2
Country (United States) 56 of 56
Year (2024) 3 of 3
Size (of disclosed) 7 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-20 Cobham Advanced Electronic Solutions

Arlington, Virginia, United States

Cobham Advanced Electronic Solutions (CAES) is a provider of RF, microwave and millimeter wave, microelectronic and digital solutions for aerospace and defense industry. CAES is based in Arlington, Virginia.

Buy $1.9B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-25 Honeywell International - Communication & Navigation Product Lines

Charlotte, North Carolina, United States

Honeywell International's Communication & Navigation Product Lines provides exclusive Intellectual Property rights to manufacture, upgrade and repair additional Honeywell Communication and Navigation products.

Sell -

Seller(S) 1

SELLER

Air Products and Chemicals

Allentown, Pennsylvania, United States

Category Company
Founded 1940
Sector Chemicals
Employees20,000
Revenue 12.6B USD (2023)
DESCRIPTION

Air Products and Chemicals serves energy, electronics, chemicals, steel, and manufacturing customers globally with a unique portfolio of products, services, and solutions that include atmospheric gases, process and specialty gases, performance materials, equipment, and services. The Company is a supplier of hydrogen and helium and has built leading positions in growth markets such as semiconductor materials, refinery hydrogen, natural gas liquefaction, and advanced coatings and adhesives. Air Products and Chemicals was incorporated in 1940 and is based in Allentown, Pennsylvania.


DEAL STATS #
Overall 15 of 15
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 13 of 13
State (Pennsylvania) 3 of 3
Country (United States) 13 of 13
Year (2024) 1 of 1
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-12 L Air Liquide S.A. - Industrial Gases Business UAE & Bahrain

United Arab Emirates

L'Air Liquide's Industrial Gases Business UAE & Bahrain comprises Air Liquide Emirates for Industrial Gases LLC (ALEMIR) and Orca Industrial Gases LLC based in the UAE and the Middle East Carbon Dioxide W.L.L (MECD) in Bahrain. ALEMIR provides liquid bulk, packaged gases and specialty gases. MECD is a liquid carbon dioxide (CO2) production facility.

Buy -