Today, Honeywell announced details of its agreement to sell its Personal Protective Equipment (PPE) business to Protective Industrial Products, Inc. (PIP) for $1.325 billion in cash.
According to Honeywell, “The transaction will enable Honeywell to further simplify its portfolio in order to accelerate value creation”. Honeywell’s PPE business provides products to industrial workers worldwide. The business has 5,000 employees and currently operates 20 manufacturing sites and 17 distribution sites.
Honeywell’s sale today completes its exit from PPE following the sale of its Lifestyle and Performance Footwear Business to Rocky Brands for $230 million in 2021.
Vimal Kapur, Honeywell’s Chairman and CEO told investors, “Over the last five years, our PPE business has experienced significant wins as a result of its operational improvement initiatives, footprint rationalization and quick adaptation to global needs following the pandemic. Now with this transaction, the business will be positioned to accelerate its growth trajectory as it benefits from Odyssey’s historic investing in the PPE sector and scaling similar businesses to expand into new products, geographies and end markets,”
“Now with this transaction, the business will be positioned to accelerate its growth trajectory as it benefits from Odyssey’s historic investing in the PPE sector and scaling similar businesses to expand into new products, geographies and end markets,” he concluded.
The deal is expected to close in the first half of 2025.
By CEO NA Editorial Staff
