MOSCOW (MRC) -- 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 USD240 million, said the company on its site.
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.
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.
UOP Russell’s modular equipment is one of the delivery platforms offered by Honeywell UOP to treat and process natural gas. The business also provides technologies to recover valuable condensate and natural gas liquids such as ethane, propane and butane, and to separate water, mercury, sulfur, carbon dioxide, and other contaminants from raw natural gas streams.
As MRC informed earlier, LUXI Chemical Group Co., Ltd. selected Honeywell process technology and automation controls to convert coal to key plastic building blocks.
Honeywell UOP is a leading international supplier and licensor of process technology, catalysts, adsorbents, equipment, and consulting services to the petroleum refining, petrochemical, and gas processing industries. Honeywell UOP is part of Honeywell’s Performance Materials and Technologies strategic business group, which also includes Honeywell Process Solutions, a pioneer in automation control, instrumentation and services for the oil and gas, refining, petrochemical, chemical and other industries.