13.25 Billion Dollar Deal Signals Honeywell’s Complete Exit from PPE Industry

On May 26, 2025, Honeywell confirmed the completion of a $1.325 billion all-cash sale of its personal protective equipment (PPE) business to Protective Industrial Products, Inc. (PIP). PIP, backed by Odyssey Investment Partners, is a global manufacturer and supplier of PPE solutions.

This transaction marks Honeywell’s full departure from the PPE sector, following the earlier divestiture of its civilian and commercial footwear unit to Rocky Brands in 2021. According to Chairman and CEO Vimal Kapur, this move aligns with Honeywell’s larger plan to streamline operations and double down on core growth segments.

Honeywell emphasized that PPE products will benefit more from PIP’s dedicated focus, operational synergy, and global footprint. The divestiture unlocks greater potential for both parties, with Honeywell sharpening its strategic direction and PIP gaining a robust portfolio.

The sale comes amid Honeywell’s broader restructuring strategy, which includes upcoming spin-offs of its aerospace and performance materials divisions. Once these breakups are complete, three distinct publicly traded companies will emerge, each pursuing focused growth strategies.

Since December 2023, Honeywell has been actively reshaping its portfolio, with several high-profile acquisitions worth $13.5 billion, including:

• Carrier’s Global Security Business

• Civitanavi Systems

• CAES Systems

• LNG operations from Air Products

• Catalyst business from Johnson Matthey

• SCADA firm Sentient

This divestiture isn’t just a sale—it’s a strategic milestone in Honeywell’s evolution into a leaner, high-growth industrial technology powerhouse.