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 CWHEs of all sizes 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, aligned with three compelling megatrends of automation, future of aviation and energy transformation.
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 the receipt of certain regulatory approvals.
¹LNG Industry Trends | Deloitte USA
About Honeywell
Honeywell is an integrated operations company serving a wide range of industries and geographies worldwide. Our business is aligned with three powerful megatrends – automation, future of aviation and energy transformation – supported by our Honeywell Accelerator operating system and Honeywell Forge IoT platform. As a trusted partner, we help organizations solve the world’s toughest and most complex challenges and deliver actionable solutions and innovations through our Aerospace Technologies, Industrial Automation, Building Automation and Energy and Sustainability Solutions business segments that make the world smarter, safer and more sustainable. . For more news and information about Honeywell, visit www.honeywell.com/newsroom.
In this release, we describe many of the trends and other factors that drive our business and future results. These 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 statements that deal with activities, events or developments that management intends, expects, projects, believes or assumes will occur or may occur in the future. They are based on management’s assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments and other relevant factors, many of which are difficult to predict and beyond 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 undertake no obligation to update or revise any of our forward-looking statements, except as required by applicable securities laws. Our forward-looking statements are also subject to substantial risks and uncertainties, including ongoing macroeconomic and geopolitical risks such as lower GDP growth or recession, capital market volatility, inflation and certain regional conflicts that may affect our performance in the near future. and long term. In addition, no assurance can be given that any plan, initiative, projection, objective, commitment, expectation or prospect 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 report, our Form 10-K and other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be changed 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 is defined as Honeywell’s operating income on a total basis, excluding stock compensation expense, pension and other postretirement service costs, amortization of acquisition-related intangible assets, certain acquisition-related costs and relocation costs and other charges.
- Adjusted earnings per share, which is defined as diluted earnings per share adjusted to exclude pension benefit costs, amortization of acquisition-related intangible assets, certain acquisition-related costs and other items described in the reconciliation provided with the disclosure of adjusted earnings per share; and
- EBITDA, which we define as earnings before taxes, depreciation and amortization.
Management believes that these measures, when considered together with reported amounts, are useful to investors and management in understanding our ongoing operations and analyzing ongoing operating trends.
Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The main limitation of these non-GAAP financial measures is that they exclude significant costs and revenues that should be reported in the consolidated financial statements under GAAP. In addition, they are subject to inherent limitations as they reflect management’s exercise of judgment as to which costs and revenues are excluded or included in determining these non-GAAP financial measures.
About Air Products
Air Products (NYSE:APD) is a leading global industrial gases company with more than 80 years of experience focused on energy supply, 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, designs, builds, owns and operates some of the world’s largest clean hydrogen projects supporting the transition to low-carbon and zero energy in the heavy transport and industrial sectors. In addition, Air Products is a world leader in the supply of technology and equipment for the processing of liquefied natural gas, supplying turbomachinery, membrane systems and cryogenic vessels worldwide.
The company had revenue of $12.6 billion in fiscal 2023 from operations in approximately 50 countries and has a current market capitalization of more than $50 billion. Approximately 23,000 passionate, talented and dedicated employees from diverse backgrounds are driven by Air Products’ higher purpose to create innovative solutions that benefit the environment, enhance sustainability and reshape what’s possible to solve problems 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 report contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about the transaction that is the subject of this report and its expected impact and timing, and about the Company’s business outlook and investment opportunities. These forward-looking statements are based on management’s expectations and assumptions as of the date hereof and are not guarantees of future performance. Although forward-looking statements are made in good faith and are 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 projections 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 duty or obligation to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs or expectations or any change in the events, conditions or circumstances upon which such forward-looking statements are based.