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Honeywell announced that it has agreed to sell its Personal Protective Equipment (PPE) business to Protective Industrial Products, Inc. (PIP), a portfolio company of Odyssey Investment Partners, for USD 1.325 billion in an all-cash transaction. The transaction is intended to further simplify the company’s portfolio and accelerate value creation in alignment with three defined 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. This announcement follows the divestiture of Honeywell's Lifestyle and Performance Footwear Business in 2021 and completes Honeywell's exit from the PPE business. Honeywell will retain its gas detection portfolio within the Industrial Automation segment.
The transaction comes after Honeywell recently announced its intention to sell the PPE business and revealed plans last month to spin off its Advanced Materials business into a separate, publicly traded company in the US. It also aligns with Honeywell's commitment to optimize its portfolio by taking action to divest from non-core lines of business while pursuing high-return acquisitions that will drive future growth in alignment with its three powerful megatrends.
The company’s focus on automation, the future of aviation, and energy transition is underpinned by its Honeywell Accelerator operating system and Honeywell Forge IoT platform as well as its Aerospace Technologies, Industrial Automation, Building Automation and Energy and Sustainability Solutions business segments.
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