On July 10, Honeywell and Air Products jointly announced that Honeywell has agreed to acquire Air Products' liquefied natural gas (LNG) process technology and equipment business for $1.81 billion in cash.

Air Products' LNG process technology and equipment business includes the design and manufacture of wound heat exchangers (CWHE) and related equipment. CWHE provides the highest natural gas throughput in a single exchanger, with a small footprint, and can achieve robust, reliable and safe operation both onshore and offshore.

Currently, Honeywell provides pretreatment solutions for LNG customers around the world. After the acquisition, Honeywell's new LNG product line will cover natural gas pretreatment and advanced liquefaction technologies, using unified digital automation technology under Honeywell's Forge and Experion platforms to achieve efficient, reliable and optimized management of natural gas assets.

Air Products' LNG business has approximately 475 employees, headquartered in Allentown, Pennsylvania, USA, and has a 390,000-square-foot manufacturing plant in Port Manatee, Florida, producing CWHE of various specifications.