Honeywell acquires Thomas Russell majority stake $525 million

Honeywell acquires Thomas Russell majority stake for $525 million

10:22 AM, 3rd October 2012
Honeywell acquires Thomas Russell majority stake for $525 million
Andreas Kramvis, President and CEO, Performance Materials and Technologies, Honeywell.

MORRISTOWN, US: Honeywell’s UOP will purchase a 70 per cent stake in Thomas Russell Co, a privately-held, leading provider of technology and equipment for natural gas processing and treating. UOP will acquire the majority stake in Thomas Russell for $525 million in cash.

With the acquisition, Honeywell’s UOP will offer a broad range of key technologies and products that allow shale and conventional natural gas producers to remove contaminants from natural gas and recover high-value natural gas liquids used for petrochemicals and fuel.

“Thomas Russell Co is a terrific complement to our current business and is particularly well positioned to serve the growing market for processing shale gas, as well as gas from oil fields,” said Andreas Kramvis, President and CEO, Performance Materials and Technologies, Honeywell.

“With this acquisition, UOP will provide a comprehensive range of key technologies to natural gas producers globally, as well as a broad range of technologies to convert natural gas feedstocks into high-value petrochemicals,” he added.

UOP has a right to acquire the remaining 30 per cent stake, while Thomas Russell can sell the remaining 30 per cent stake to UOP at a price based on operating income performance.

© WOC News




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