Honeywell International (NASDAQ:HON) announced on Wednesday that it will acquire the liquefied natural gas (LNG) process technology and equipment division of Air Products for $1.81 billion in cash.

This acquisition enables Honeywell to incorporate LNG technologies, including heat exchangers and cryogenic equipment, into its portfolio.

The transaction is projected to enhance Honeywell's adjusted earnings per share within the first full year post-acquisition and is anticipated to be finalized by the end of this year.