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Energy

Air Products to sell natural gas unit to Honeywell

by Craig Bettenhausen
July 22, 2024 | A version of this story appeared in Volume 102, Issue 22
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Air Products and Chemicals has agreed to sell its operations in process technology and equipment for liquefied natural gas to Honeywell International for $1.8 billion. The unit includes heat exchangers, compressors, membrane systems, and cryogenic containers. Air Products CEO Seifi Ghasemi says in a press release that the move will help the company focus on industrial gas and clean hydrogen markets. Honeywell, for its part, says the acquisition will complement its existing natural gas service and equipment business. “While the world continues to build the renewables-based energy infrastructure of the future, natural gas is a critical lower-emission and affordable transition fuel,” says Honeywell CEO Vimal Kapur.

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