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Honeywell’s UOP business will purchase a 70 percent stake in Thomas Russell Co., a provider of technology and equipment for natural gas processing and treatment, for $525 million in cash. UOP, part of Honeywell Performance Materials and Technologies, is supplier of process technology, materials and equipment to petroleum refining, petrochemical, and gas processing industries.

With the acquisition, Honeywell says its UOP will offer a range of key natural gas processing technologies and products that allow shale and conventional natural gas producers to remove contaminants from natural gas and recover high-value natural gas liquids used for petrochemicals and fuel.

Founded in 2002, Thomas Russell specializes in the design, engineering, fabrication and start-up of skid-mounted modular packaged plant systems for the recovery and upgrading of natural gas liquids (NGLs). NGLs, including ethane, propane, and butane are in high demand as feedstocks for petrochemical production, Honeywell says.

Headquartered in Tulsa, Okla., Thomas Russell operates a fabrication facility in Port of Catoosa, Okla., with customer installations in more than 10 states in the U.S. The company’s 2012 revenues are expected be approximately $425 million.

Honeywell’s UOP, headquartered in Des Plaines, Ill., has increased its offerings for natural gas processing in recent years, acquiring the gas membranes product line from W.R. Grace in 2009 and forming an exclusive marketing alliance with Netherlands-based Twister B.V., a maker of advanced natural gas separation technology. Honeywell’s UOP opened a gas processing design center in Kuala Lumpur, Malaysia in June 2008 and a manufacturing and operations center to produce natural gas membrane elements in Penang, Malaysia, in July 2012, to better serve growing natural gas markets in Southeast Asia and around the world.