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 investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
Murray Auchincloss, bp’s CEO, said in a statement: “As I set out in February, BP’s destination from IOC [international oil company] to IEC [integrated energy company] is unchanged – and we need to deliver as a simpler, more focused, and higher-value company.
Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.
