Air Products sells LNG process tech & equipment business to Honeywell for $1.81B cash

Air Products & Chemicals, Inc.

Honeywell acquires Air Products' LNG business for $1.81B cash, representing ~13x 2024 estimated EBITDA.
Approximately 475 employees and a 390,000 sq ft manufacturing facility in Port Manatee, FL will transfer to Honeywell.
Transaction expected to close before end of calendar year 2024, subject to regulatory approvals.
Air Products to focus on core industrial gas business and clean hydrogen at scale after divestiture.
Honeywell expects the deal to be accretive to adjusted EPS and segment margin in first full year.

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