Honeywell announced that it has acquired the remaining 30 percent stake in UOP Russell LLC, which develops technology and manufactures modular equipment to process natural gas, for approximately $240 million.
In 2012, Honeywell acquired a 70 percent stake in the Thomas Russell Co. to form UOP Russell, which became part of Honeywell UOP. The parties agreed to a mechanism for Honeywell to acquire the remaining stake within three years of closing.
“Tom Russell and his company pioneered the introduction of modular technology to quickly and economically remove contaminants from natural gas and recover valuable natural gas liquids (NGLs),” said John Gugel, vice president and general manager for Honeywell UOP’s Gas Processing and Hydrogen business. “We have continued to build on that foundation, applying Honeywell processes and Honeywell UOP technology, and expanding the business internationally to help meet global demand for natural gas, which is expected to nearly double by 2040.”
The UOP Russell product line includes skid-mounted, pre-engineered modular equipment that is factory built to precise specifications. The equipment is easily delivered to remote locations and then assembled on-site, significantly reducing construction time and expense and improving operational reliability. This modular approach enables customers to begin processing gas and earning revenue more quickly versus conventional field-erected execution methods.