Air Products agreed to sell its LNG process technology and equipment business, including a manufacturing facility in Port Manatee, Florida, to Honeywell for $1.81 billion in cash under a Purchase Agreement signed on July 10, 2024.

1. 01

   Air Products agreed to sell its LNG process technology and equipment business, including a manufacturing facility in Port Manatee, Florida, to Honeywell for $1.81 billion in cash under a Purchase Agreement signed on July 10, 2024.

2. 02

   The company said closing is subject to the satisfaction or waiver of customary closing conditions, including certain regulatory approvals, and that the parties expect the deal to close before the end of the calendar year. Closing adjustments may apply.

3. 03

   The company said it expects about 475 LNG Business employees to join Honeywell at closing and that it will provide customary transition services after closing to help Honeywell integrate the business.

4. 04

   The company said the divestiture reflects its continued focus on its two-pillar strategy: growing its core industrial gas business and related technology and equipment, and delivering clean hydrogen at scale. The press release said the price represents about 13x of estimated 2024 EBITDA.

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AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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