Air Products’ LNG business has approximately 475 employees headquartered in Allentown, Pennsylvania and a 390,000-square-foot manufacturing facility in Port Manatee, Florida, where all sizes of CWHEs are manufactured.
This is the fourth acquisition Honeywell has announced this year as part of its disciplined capital deployment strategy. The company is focused on high-return acquisitions that will drive future growth across its portfolio, which is aligned with the three compelling megatrends of automation, the future of aviation and the energy transition.
This transaction, which is expected to be accretive to adjusted earnings per share in the first full year of ownership, is not subject to any financing conditions and is expected to close before the end of the calendar year, subject to customary closing conditions, including receipt and certain regulatory approvals.
¹LNG Industry Trends | Deloitte USA
About Honeywell
Honeywell is an integrated operating company serving a wide range of industries and geographies worldwide. Our business is connected to three powerful megatrends – automation, the future of aviation and the energy transition – supported by our Honeywell Accelerator operating system and the Honeywell Forge IoT platform. As a trusted partner, we help organizations solve the world’s toughest, most complex challenges by providing actionable solutions and innovations through our Aerospace Technologies, Industrial Automation, Building Automation and Energy Solutions business segments and Sustainability that helps make the world smarter, safer and more sustainable. . For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
We describe many of the trends and other factors driving our business and future results in this release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are those that address activities, events or developments that management intends, expects, projects, believes or predicts will occur or may occur in the future. They are based on management’s assumptions and estimates in light of past experience and trends, current economic and industry conditions, expected future developments and other important factors, many of which are difficult to predict and out of our control. They are not guarantees of future performance and actual results, developments and business decisions may differ materially from those anticipated by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as lower GDP growth or recession, capital markets volatility, inflation and certain regional conflicts, which may affect our performance in both the short and long term. Furthermore, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation or outlook set forth in this release can or will be achieved. These forward-looking statements should be considered in light of the information contained in this release, our Form 10-K and other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not definitive and may be modified or abandoned at any time.
¹This release refers to certain non-GAAP measures, including:
- Segment margin, which is defined as segment profit divided by net sales; Segment profit, on a Honeywell-wide basis, is defined as operating income, excluding stock compensation expense, pension and other post-retirement service costs, amortization of acquisition-related intangible assets, costs of certain acquisition and repositioning related and other fees.
- Adjusted earnings per share, which is defined as diluted earnings per share adjusted to exclude mark-to-market costs, amortization of acquisition-related intangibles, certain acquisition-related costs and other items such as described in the accompanying reconciliations when we disclose adjusted earnings per share; AND
- EBITDA, which we define as earnings before tax, depreciation and amortization.
Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in analyzing ongoing operating trends.
Management does not consider these non-PPPC measures separately or as an alternative to financial measures determined in accordance with the PPPK. The primary limitations of these non-GAAP financial measures are that they exclude significant expenses and revenues that are required by GAAP to be recognized in the consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of management judgments as to which expenses and revenues are excluded or included in the determination of these non-GAAP financial measures.
About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases company operating for more than 80 years focused on serving energy, the environment and emerging markets. The company has two growth pillars driven by sustainability. Air Products’ core business provides essential industrial gases, related equipment and application expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing and food. The company also develops, engineers, builds, owns and operates some of the world’s largest clean hydrogen projects supporting the transition to low and zero carbon energy in the heavy transport and industrial sectors. In addition, Air Products is a world leader in the supply of liquefied natural gas process technology and equipment, and offers turbomachinery, membrane systems and cryogenic containers globally.
The company had fiscal 2023 sales of $12.6 billion from operations in approximately 50 countries and has a current market capitalization of over $50 billion. Approximately 23,000 passionate, talented and dedicated employees from diverse backgrounds are driven by Air Products’ highest purpose to create innovative solutions that benefit the environment, increase sustainability and reimagine what is possible to address the challenges facing customers , communities and the world. For more information, visit airproducts.com or follow us on LinkedIn, XFacebook or Instagram.
Cautionary Note Regarding Forward-Looking Statements
This release contains “forward-looking statements” within the security provisions of the Securities and Exchange Reform Act of 1995, including statements regarding the transaction that is the subject of this release and its effect and timing. expected, as well as the company’s business outlook and investment opportunities. These forward-looking statements are based on management’s expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from the forecasts and estimates expressed in the forward-looking statements. due to many factors, including the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any changes in assumptions, beliefs or expectations or any changes in events, conditions or circumstances upon which any such forward-looking statements are based on.