Air Products and Chemicals, Inc. has completed the sale of its liquefied natural gas (LNG) process technology and equipment business to Honeywell for $1.81 billion in cash. This strategic divestiture reflects Air Products' commitment to its industrial gases and clean hydrogen growth strategy.
The sale included the transfer of related assets, intellectual property, manufacturing capability, and approximately 475 employees to Honeywell. Additionally, the Port Manatee, Florida coil-wound heat exchanger manufacturing facility has also been successfully transferred to Honeywell.
Air Products' fiscal 2023 sales amounted to $12.6 billion from operations in approximately 50 countries. The company has a current market capitalization of approximately $60 billion and employs around 23,000 individuals globally.
Chairman, President, and CEO Seifi Ghasemi emphasized the company's focus on creating shareholder value by executing its growth strategy in industrial gases and clean hydrogen to drive the energy transition and decarbonize.
This divestiture aligns with Air Products' two-pillar growth strategy to profitably grow its core industrial gases and related equipment businesses and to deliver clean hydrogen at scale. Today the company's shares have moved -1.1% to a price of $296.91. For more information, read the company's full 8-K submission here.
