Air Products has finalized the sale of its liquefied natural gas (LNG) process technology and equipment business to Honeywell for $1.81 billion in cash, as part of its strategic divestiture. This move reflects Air Products' commitment to its growth strategy focusing on industrial gases and clean hydrogen. The completion of this transaction marks the successful transfer of all related assets, manufacturing capability, and approximately 475 employees to Honeywell. Air Products remains dedicated to creating shareholder value by emphasizing its core industrial gases business and expanding into clean hydrogen production at scale. The company's Chairman highlighted the importance of focusing on growth in these sectors to drive the energy transition and support decarbonization efforts. Financial advisory was provided by Lazard, Inc., while legal counsel came from Skadden, Arps, Slate, Meagher & Flom LLP. Air Products, a prominent industrial gases company with a market capitalization of around $60 billion, operates in over 50 countries with a workforce of 23,000 employees. It is deeply involved in clean hydrogen projects, aiming to facilitate the shift towards low- and zero-carbon energy solutions in various industries. On the other hand, Honeywell, the acquiring company, is known for its integrated operations serving diverse industries globally, aligning its business with automation, aviation, and energy transition megatrends. Overall, this strategic divestiture reinforces Air Products' commitment to advancing its presence in the industrial gases and clean hydrogen sectors, contributing to environmental sustainability and the energy transition.