Honeywell Sells Personal Protective Equipment Business to Protective Industrial Products

Honeywell has agreed to sell its Personal Protective Equipment (PPE) business to Protective Industrial Products (PIP), a portfolio company of Odyssey Investment Partners, in an all-cash transaction valued at $1.325 billion. The transaction will enable Honeywell to further simplify its portfolio to accelerate value creation in line with three compelling megatrends: automation, the future of aviation, and the energy transition.

Honeywell’s Personal Protective Equipment business, part of its Industrial Automation (IA) portfolio, is a global provider of personal protective equipment for industrial workers, offering a comprehensive and differentiated portfolio of products that serves a diverse and resilient growing customer and end-market segment.

This announcement follows Honeywell’s divestiture of its lifestyle and performance footwear businesses to Rocky Brands for $230 million in 2021, which also marks Honeywell’s complete exit from the personal protective equipment space. Honeywell will retain its gas detection portfolio in the Industrial Automation segment.

With approximately 5,000 employees, the PPE business has a streamlined global manufacturing and distribution network that enables cost-effective production, proximity to customers and optimized delivery times. The company currently has 20 manufacturing sites and 17 distribution sites in the United States, Mexico, Europe, North Africa, Asia Pacific and China.

"Over the past five years, our PPE business has achieved significant success with its operational improvement program, footprint rationalization and rapid adaptation to post-pandemic global needs," said Vimal Kapur, Honeywell Chairman and CEO. "Now, with this transaction, the business will be able to accelerate its growth trajectory as it benefits from Odyssey's historic investment in PPE and the expansion of similar businesses to expand into new products, new regions and new end markets."

"As we continue to simplify and optimize Honeywell's product portfolio, the sale of the PPE business will enable us to further strengthen our core business to align with our three major trends. Today's announcement, combined with the strategic acquisitions we have made over the past year, enables us to continue to drive profitable growth and strong cash generation while creating compelling long-term value for shareholders," added Kapur.