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Honeywell Move to Acquire Air Products’ LNG Business for $1.81 Billion

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Honeywell International Inc. and Air Products & Chemicals Inc. have entered an agreement for the former to acquire Air Products’ liquefied-natural-gas-processing technology and equipment for $1.81 billion in an all-cash deal.

Honeywell’s stock HON -0.49% dipped 0.3% premarket on the news, while Air Products APD, -0.08%  shares were up 2%.

The price is equal to about 13 times the estimated 2024 earnings before interest, taxes, depreciation and amortization (Ebitda) the companies said in a joint statement.

The deal will allow Honeywell “to offer customers a comprehensive, top-tier solution for managing their energy transformation journey,” their statement read.

Currently, Honeywell provides a pre-treatment solution serving LNG customers globally. The deal will add a portfolio that includes in-house design and manufacturing of coil-wound heat exchangers and related equipment.

“While the world continues to build the renewables-based energy infrastructure of the future, natural gas is a critical lower-emission and affordable transition fuel that will help meet ever-increasing and dynamic global energy demands,” Honeywell Chief Executive Vimal Kapur said in prepared remarks.

The deal is expected to boost adjusted per-share earnings in the first full year after closing and is expected to close before year-end. It’s not subject to any financing conditions.

The Air Products’ LNG business has about 475 employees and is based in Allentown, Penn. The company has a 390,000 sq. ft. facility in Port Manatee, Fla.

The deal is the fourth by Honeywell this year as the company moves to drive growth while aligning with three megatrends of automation, the future of aviation and energy transition.

In June, the aerospace and defence company announced plans to acquire CAES Systems from private-equity firm Advent International, for about $2 billion. CAES, headquartered in Arlington, Va., designs, develops and tests electronics ranging from antenna systems to communication networks for aerospace and defence companies.

In March, Honeywell said it would acquire Italy’s Civitanavi Systems, an aircraft-components manufacturer and developer.

In June, the company announced the closing of its $4.95 billion acquisition of Carrier Global Corporation’s global access solutions business.

Honeywell’s stock is up 0.4% in the year to date, while the S&P 500 SPX has gained 17%.

 

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Abuja Reports

NAPPS Ends 2024 in Grand Style, Praises School Owners’ Resilience

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By Our Correspondent 

The National Association of Proprietors of Private Schools (NAPPS), FCT Chapter, marked the end of 2024 with a grand celebration, reflecting on a year of challenges and triumphs.

The event, held at Glisten International Academy, Jahi – Abuja, brought together school owners, stakeholders, and supporters for a moment of relaxation, gratitude, and unity.
Speaking at the gathering, the FCT NAPPS Chairperson, Chief Mrs Rukayat Ruth Agboola acknowledged 2024 as one of the most turbulent years for private schools, citing financial burdens from accumulated debts, contentious levies, and operational pressures.
Despite these obstacles, she praised school proprietors for their resilience and dedication.
“This year tested our limits, but we stood strong together. With God’s grace and our collective efforts, we navigated the storm,” she stated.
The event featured support from area council chairmen and generous donors, whose contributions ensured the success of the celebration.
The President also commended Glisten International Academy, Jahi, for hosting the event at a reduced cost, emphasizing that the gathering symbolized hope and renewed strength for the education sector.
As attendees enjoyed the festivities, the President encouraged continued collaboration to overcome future challenges, declaring, “This celebration is a testament to our resilience and commitment to building a better future for education in Nigeria.”

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Defence and Security

CDS Advocates Developmental Journalism for National Security

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By Njoku Chijioke

The Chief of Defence Staff, General Christopher Musa, has called on Nigerian journalists to embrace developmental journalism, urging them to tell evidence-based stories that positively portray the country and foster global confidence in Nigeria’s security efforts.
Speaking at a one-day roundtable organized by the Defence Correspondents Association of Nigeria (DECAN), in Abuja on Thursday, General Musa emphasized the role of the media in advancing national security and cohesion.
“Developmental journalism promotes public awareness, informs policy decisions, and holds stakeholders accountable while fostering national stability,” he said.
He urged journalists to collaborate with security agencies to amplify Nigeria’s sovereignty and safeguard its interests globally.
Coordinator of the National Counter-Terrorism Centre, Major-General A.G. Laka, pledged the centre’s support for media initiatives aimed at countering terrorist propaganda and enhancing public understanding of security challenges.
In a keynote paper, Major-General Chris Olukolade (Rtd) highlighted the practices of Western journalists in handling sensitive security information.
“Journalists should focus on the human impact of security issues and prioritize national interest while maintaining professionalism,” he advised.
The event underscored the media’s critical role in shaping narratives that support Nigeria’s fight against insecurity and foster unity.

 

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News

FG Launches Job Initiative for 93,731 Nigerians, Prioritizes Digital Skills Training

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By Jesusemen Oratokhai 

 

The Federal Government has unveiled the Renewed Hope Employment Initiative (RHEI), targeting 93,731 job opportunities across Nigeria, with a strong focus on digital skills.

Flagged off by the Minister of Labour and Employment, Muhammad Dingyadi, at the National Directorate of Employment (NDE), Skills Acquisition Centre in Bwari, Abuja, the initiative aims to empower at least 10 individuals from each of the country’s 8,809 electoral wards.

Minister Dingyadi, represented by Mr. John Nyamale, emphasized the government’s commitment to addressing unemployment through sound policies and skill development.

“This initiative aligns with our goal to tackle economic challenges by creating jobs through skill acquisition across various sectors,” he stated, urging beneficiaries to maximize the opportunity.

Of the 93,731 beneficiaries, 40,000 will receive training in ICT and digital skills, a strategic move to equip Nigerians with 21st-century competencies. Additionally, 3,000 slots have been allocated for persons with special needs, according to NDE Director-General Silas Agara.

“This program is designed to produce globally competitive youths and address poverty through entrepreneurship by providing tools, equipment, and startup capital,” Agara explained.

The Minister of Humanitarian Affairs, Prof. Nentawe Yilwatda, noted that the initiative aligns with efforts to lift 10 million Nigerians out of poverty.

“If fully implemented, this program will significantly reduce poverty levels nationwide,” he remarked.

The RHEI represents a bold step toward equipping Nigeria’s workforce with both traditional and emerging skills critical for economic growth.

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