HONEYWELL INTERNATIONAL INC acquired Thomas Russell Co. (Thomas Russell L.L.C.) for ~$525 million (70% controlling interest), a transaction completed in October 2012, structured as Acquisition of a 70% controlling interest in cash, with a right/obligation over the remaining 30% priced on a multiple of average annual operating income (2013–2015), subject to a cap and floor.
Thomas Russell Co. (Thomas Russell L.L.C.) operates in Performance Materials and Technologies (Honeywell UOP), is based in Tulsa, Oklahoma, USA. Honeywell's UOP business acquired a 70 percent controlling interest in Thomas Russell Co., a privately held provider of technology and equipment for natural-gas processing and treating, primarily serving the U.S. market. Honeywell paid approximately $525 million for the 70 percent stake, with put/call rights over the remaining 30 percent tied to future operating-income performance through 2015. The deal was consolidated into Honeywell's Performance Materials and Technologies segment.
Gives UOP a broader range of gas-processing and treating technologies for shale and conventional producers to remove contaminants and recover high-value natural-gas liquids, positioning Honeywell for rising U.S. shale-gas and NGL activity.
Advisory firms were not disclosed for this transaction.