Honeywell buys majority stake in Tulsa's Thomas Russell Co. for $525 million
BY KYLE ARNOLD World Staff Writer
Monday, October 01, 2012
Tulsa manufacturing firm Thomas Russell Co. has sold a majority stake to Honeywell for $525 million, the New Jersey-based corporation announced Monday morning.
The cash deal gives Honeywell a 70 percent stake in Thomas Russell Co. with the rights to purchase the remaining 30 percent in the future.
Thomas Russell Co. makes equipment for natural gas processing and treatment and has its fabrication plant at the Tulsa Port of Catoosa. The company’s headquarters is located at 71st Street and Yale Avenue.
Thomas Russell Co. was founded by its namesake owner in 2000 when he started making gas processing plants.
The deal was made under Honeywell's UOP LLC arm, which is a supplier and licensor of petroleum and gas processing technology.