Air Products Chemicals Inc
For the period ended Sep 30, 2024. Filed Nov 21, 2024.
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FY2024 · Filed Nov 21, 2024
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Gain on Sale of Business
- GAIN ON SALE OF BUSINESS
On 30 September 2024, we completed the sale of our liquefied natural gas ("LNG") process technology and equipment business to Honeywell International Inc. for approximately $1.8 billion in an all-cash transaction. This divestiture reflects our commitment to our industrial gases and clean hydrogen growth strategy. As a result of the transaction, we recorded a gain of $1,575.6 during the fourth quarter of fiscal year 2024 that is reflected within "Gain on sale of business" on our consolidated income statements ($1,198.4 after tax). This gain was not recorded in segment results.
The LNG business does not qualify for presentation as a discontinued operation because the disposal does not represent a strategic shift that has had or will have a major effect on our operations and financial results. The LNG business generated operating income for our Corporate and other segment of approximately $135, $120, and $95 in fiscal years 2024, 2023, and 2022, respectively.
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