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
The total contract value is approximately €430 million. The project scope of work entails complete engineering services, equipment and material supply, installation and construction activities and, as an optional part of the scope, commissioning and start up.
Once it has implemented this project, Lenzing will have biological wastewater treatment plants that meet the best available techniques (BAT) quality standard at all its production sites.
The debate over the position of hydrogen in the new energy revolution has come to the fore again thanks to Japan’s hosting of the Olympic Games. But rather than showcasing how green this miracle new fuel is, it has highlighted its many problems.