Honeywell to buy Air Products’ LNG business for $1.81 billion By Reuters

(Reuters) -Industrial giant Honeywell (NASDAQ:) said on Wednesday it would buy Air Products (NYSE:)’ liquefied natural-gas process technology and equipment business for $1.81 billion in cash.

The deal would help Honeywell add LNG technologies such as heat exchangers and cryogenic equipment to its portfolio and marks the industrial conglomerate’s fourth acquisition this year.

Since taking charge as chief executive in June 2023, Vimal Kapur has steered the company toward three “compelling megatrends” – automation, the future of aviation and energy transition.

Last month, the industrial conglomerate announced a deal to buy aerospace and defense technology provider CAES Systems for $1.9 billion.

This transaction, likely to boost Honeywell’s adjusted earnings per share in the first full year of ownership, is expected to close before the end of the calendar year.