Honeywell International Inc. acquired the 30% stake in UOP Russell LLC it doesn’t own already for roughly $240 million.
The industrial conglomerate gained the right to acquire the minority stake in the maker of technology and equipment to process natural gas in 2012 with its acquisition of 70% stake in Thomas Russell Co., which was used to form UOP Russell. The $525 million deal broadened Honeywell’s offerings in the shale and natural gas markets. The business is now part of Honeywell’s UOP unit.
While other giant conglomerates have been splitting up to increase their focus on their most promising line of their business, a select group that includes Honeywell has bucked the trend toward a sharper focus. The company’s recent acquisitions include the $5.1 billion purchase of energy and water meter business Elster Group GmbH and its deal for the Germany-based research chemical business of Sigma-Aldrich Corp., a U.S. supplier of laboratory testing materials.
The Thomas Russell business pioneered modular technology used to quickly and economically remove contaminants from natural gas and recover valuable natural gas liquids, according to John Gugel, general manager of Honeywell’s UOP gas processing and hydrogen business.
Honeywell has applied UOP Russell methods to expand its offerings of modular equipment for refining, petrochemical processing and other applications.
By Tess Stynes
Source: Wall Street Journal
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