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Honeywell (NASDAQ:HON) said Wednesday it agreed to acquire Air Products’ (APD) liquefied natural gas process technology and equipment business for $1.81B in cash, allowing it to expand its offerings as the share of liquefied natural gas in the global gas supply continues to grow.
Honeywell (HON) said the acquisition will enable it to offer customers “a comprehensive, top-tier solution for managing their energy transformation journey,” encompass natural gas pre-treatment and state-of-the-art liquefaction, utilizing digital automation technologies unified under the Honeywell Forge and Experion platforms.
The Air Products (APD) LNG business specializes in the design and manufacturing of LNG heat exchangers and related equipment; the unit has expanded significantly in recent years, driven in part by rising demand from power and data centers that is fueling the overall LNG market.
The deal is Honeywell’s (HON) fourth acquisition in recent months; last month, the company announced a ~$2B purchase of aerospace and defense technology company CAES Systems.