Honeywell Completes Acquisition of Majority Stake in Thomas Russell Co.; Expands Offerings for Natural Gas Processing

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Oct 22, 2012, 04:05 ET

MORRIS TOWNSHIP, N.J., Oct. 22, 2012 /PRNewswire/ -- Honeywell (NYSE: HON) today announced that its UOP business has completed its acquisition of a 70 percent stake in Thomas Russell Co., a leading provider of technology and equipment for natural gas processing and treating.

UOP is a leader in process technology, materials and equipment to petroleum refining, petrochemical, and gas processing industries. With the acquisition, Honeywell's UOP expands its offering 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.

Honeywell's UOP acquired the 70 percent stake in Thomas Russell for $525 million in cash. Honeywell's UOP has a right to acquire the remaining 30 percent stake and Thomas Russell has a right to sell the remaining 30 percent stake in the company to UOP at a price based on future operating income performance.

Founded in 2002, Thomas Russell specializes in the design, engineering, fabrication and start-up of skid-mounted modular packaged plants systems for the recovery and upgrading of natural gas liquids (NGLs).

Honeywell UOP's Gas Processing and Hydrogen business has technology, equipment and materials to treat and process natural gas as well as to purify hydrogen used in refineries. Its gas technologies extract contaminants such as water, mercury, sulfur and carbon dioxide from raw natural gas as well as technology to recover NGLs.

UOP LLC, headquartered in Des Plaines, Illinois, USA, is a leading international supplier and licensor of process technology, catalysts, adsorbents, process plants, and consulting services to the petroleum refining, petrochemical, and gas processing industries. UOP is a wholly-owned subsidiary of Honeywell International, Inc. and is part of Honeywell's Performance Materials and Technologies strategic business group. For more information, go to www.uop.com.

Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbochargers; and performance materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com.

This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements.

SOURCE Honeywell