A completed LNG heat exchanger manufactured at Air Products' Port Manatee facility is being loaded on a carrier at the Port of Manatee for shipment to the customer.
On 10 July 2024, Honeywell and Air Products jointly announced today that Honeywell has agreed to acquire Air Products’ liquefied natural gas (LNG) process technology and equipment business for $1.81 billion in an all-cash transaction. This represents approximately 13x estimated 2024 EBITDA.
Air Products’ LNG Business has approximately 475 employees with headquarters in Allentown, Pennsylvania and a 390,000-square-foot manufacturing facility in Port Manatee, Florida, where all sizes of CWHEs are made.
Currently, Honeywell provides a pre-treatment solution serving LNG customers globally. Air Products’ complementary LNG process technology and equipment business consists of a comprehensive portfolio, including in-house design and manufacturing of coil-wound heat exchangers (CWHE) and related equipment. CWHEs provide the highest throughput of natural gas in a single exchanger with a small footprint and robust, reliable and safe operations both onshore and offshore.
Air Products continues to focus on its two-pillar strategy to grow and invest in its industrial gas business and drive the energy transition through clean hydrogen at scale.
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