Honeywell has agreed to sell its Personal Protective Equipment business to Protective Industrial Products for $1.325 billion, allowing Honeywell to streamline its portfolio while providing PIP with growth opportunities in the PPE market.

Target Information

Honeywell (NASDAQ: HON) has announced a definitive agreement to sell its Personal Protective Equipment (PPE) business to Protective Industrial Products, Inc. (PIP), a subsidiary of Odyssey Investment Partners, for $1.325 billion in an all-cash transaction. This divestiture represents a strategic move for Honeywell, which aims to simplify its portfolio and enhance value creation in line with significant industry megatrends, including automation, the future of aviation, and energy transition.

Honeywell's PPE division, which operates within its Industrial Automation business portfolio, is a prominent global supplier of PPE products for industrial workers. With a comprehensive range of offerings, the PPE business serves diverse and resilient customer segments across various growing markets. This transaction reflects Honeywell's intent to streamline operations following the recent sale of its Lifestyle and Performance Footwear Business.

Industry Overview

The PPE industry has experienced notable growth in recent years, driven by an increased emphasis on workplace safety, stringent regulatory requirements, and the continual evolution of technology. With the onset of the COVID-19 pandemic, dem