Air Products has made a strategic move by selling its LNG process technology and equipment business to Honeywell for $1.81bn, focusing on clean hydrogen and industrial gas segments. This deal, valued at approximately 13 times Air Products' 2024 estimated EBITDA, allows the company to increase its efforts in growing the industrial gas sector and positioning itself as a leader in clean hydrogen technology. The workforce from the LNG business, consisting of 475 employees, is set to transition to Honeywell under the leadership of Air Products' President and CEO, Seifi Ghasemi. Air Products is currently involved in $15bn worth of energy transition projects, such as the NEOM green hydrogen plant, a green hydrogen facility in Texas, and a carbon capture project in Rotterdam. Despite their commitment to being a clean hydrogen first mover, Air Products stresses the importance of having fast followers in the market. Ivo Bols, President of Europe and Africa at Air Products, underlines the necessity of more players making substantial commitments to hydrogen to create a competitive market. The company remains open to taking investment risks in clean hydrogen, but emphasizes acting responsibly. This strategic shift aligns with Air Products' vision of driving innovation and sustainability in the energy sector.