(Reuters) – Industrial giant Honeywell (NASDAQ:) said on Wednesday it will buy Air Products (NYSE:)'s liquefied natural gas processing equipment and technology 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 over as CEO in June 2023, Vimal Kapur has steered the company toward three “compelling megatrends”: automation, the future of aviation and the 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, which is likely to be accretive to Honeywell's adjusted earnings per share in the first full year of ownership, is expected to close before the end of the calendar year.
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