MORRISTOWN (dpa-AFX) - Honeywell International Inc. (HON) announced on Friday that it has agreed to sell its Personal Protective Equipment or PPE business to Protective Industrial Products, Inc., a portfolio company of Odyssey Investment Partners, for $1.325 billion in cash.
The transaction is expected to be completed in the first half of 2025.
Vimal Kapur, CEO of Honeywell, said: 'The combination of today's announcement, with the strategic acquisitions we have made over the past year, positions us to continue to drive profitable growth.'
Honeywell's PPE business is a part of the Industrial Automation or IA business portfolio.
Honeywell will retain its gas detection portfolio within the IA segment.
The PPE business has around 5,000 staff with 20 manufacturing sites, and 17 distribution sites across the U.S., Mexico, Europe, North Africa, Asia Pacific, and China.
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