Honeywell has completed the sale of its Personal Protective Equipment (PPE) business to Protective Industrial Products, Inc. (“PIP”) for $1.325 billion in an all-cash transaction. PIP is a global supplier and manufacturer of PPE products and a portfolio company of Odyssey Investment Partners.
The sale further advances Honeywell’s efforts to optimize its portfolio, while allowing the PPE business to build a strong future with PIP as it continues to deliver value for its customers across the globe. It also marks the completion of Honeywell’s exit from the PPE space, following the 2021 divestiture of Honeywell’s Lifestyle and Performance Footwear Business to Rocky Brands.
“Completing the divestiture of our PPE business is another critical step in simplifying and optimizing our portfolio for growth in our core businesses,” said Vimal Kapur, Chairman and CEO of Honeywell. “Beyond the benefits for Honeywell, the sale also strengthens PPE’s future opportunities given the strong alignment to PIP’s core business.”
The completion of this sale follows Honeywell’s recent announcement of the planned separation of its Aerospace Technologies business along with the previously announced spin of Advanced Materials, which will result in three publicly listed industry leaders with distinct strategies and growth drivers. Since December 2023, Honeywell has announced a number of strategic actions to drive organic growth and simplify its portfolio. This includes $13.5 billion of accretive acquisitions: the Access Solutions business from Carrier Global, Civitanavi Systems, CAES Systems, the LNG business from Air Products and the announced acquisitions of Sundyne and Johnson Matthey’s Catalyst Technologies Business.
