Honeywell To Buy LNG Process Technology And Equipment Business From Air Products For $1.8 Bln

(RTTNews) - Honeywell International Inc. (HON) Wednesday said it has agreed to buy liquefied natural-gas process technology and equipment business from Air Products for $1.81 billion, to be paid in cash.

Honeywell is a provider of aerospace technologies, building automation, energy and sustainable solutions, and industrial automation.

The company expects the transaction to add to its earnings per share in the first full year of ownership.

"This highly complementary acquisition will further strengthen our energy transition portfolio, and Air Products' CWHE technology will immediately expand our installed base - creating new opportunities to compound growth in aftermarket services and digitalization through our Honeywell Forge platform," said Vimal Kapur, Chairman and CEO of Honeywell.

The deal, which is the fourth acquisition Honeywell has announced this year, is expected to close before the end of the calendar year.