The company also acquired a right to buy the remaining 30% stake in the Thomas Russell at a price based on future operating income performance.
With the acquisition, Honeywell’s UOP will expand its key technology offerings and products to remove contaminants from natural gas and recover high-value natural gas liquids used for petrochemicals and fuel.
Thomas Russell, founded in 2002, 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.
Honeywell UOP is a wholly-owned subsidiary of Honeywell International.
