Honeywell has announced that it has acquired the remaining 30% stake in UOP Russell LLC for approximately US$240 million. In 2012, Honeywell acquired a 70% 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.
Honeywell UOP has applied UOP Russell methods to expand its offerings of modular equipment for critical refining and petrochemical process units and other applications. As with UOP Russell equipment, modular design and construction of critical refining equipment speeds construction, while ensuring superior quality, and is particularly suited for remote locations.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/06012016/honeywell-acquires-remaining-interest-in-uop-russell-llc-1866/