Air Products is selling its LNG process technology and equipment business to Honeywell for $1.81bn as the major refocuses efforts on clean hydrogen and its core industrial gas business.
The deal, representing around 13 times Air Products’ 2024 estimated EBITDA, will allow the industrial gas major to increase focus on its strategy of growing its industrial gas segment and to be a “first mover” in clean hydrogen.
With a 475 employee-strong LNG business workforce, Air Products’ President and CEO, Seifi Ghasemi, said the segment was at its strongest point and the workforce would be in “good hands” to advance under Honeywell.
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