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Honeywell has announced that it has agreed to sell its Personal Protective Equipment (PPE) business to Protective Industrial Products, Inc.
The all-cash deal, worth $1.325bn, will enable Honeywell to further simplify its portfolio in order to accelerate value creation in alignment with three compelling megatrends: automation, the future of aviation and energy transition.
Honeywell’s PPE business, part of the Industrial Automation (IA) business portfolio, is a global provider of PPE for industrial workers, offering a comprehensive and differentiated product portfolio that serves a diverse and resilient set of growing customers and end markets.
This announcement follows the divestiture of Honeywell’s Lifestyle and Performance Footwear Business to Rocky Brands for $230m in 2021 and completes Honeywell’s exit from PPE. Honeywell will retain its gas detection portfolio within the Industrial Automation segment.
“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.”
Vimal Kapur, Chairman and CEO of Honeywell
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