Honeywell to Sell Personal Protective Equipment Unit for $1.33 Billion
The deal comes as the industrial conglomerate faces a call to break up
Honeywell HON -0.26%decrease; red down pointing triangle International has agreed to sell its personal-protective-equipment business to a private-equity firm’s portfolio company for $1.33 billion in cash.
The industrial conglomerate Friday said it would sell the PPE unit to Protective Industrial Products, a portfolio company of Odyssey Investment Partners. The deal, expected to close in the first half of next year, comes as the Charlotte, N.C., company faces a call to break up.
The segment being sold provides PPE for industrial workers. It employs about 5,000 employees and operates 20 manufacturing sites, as well as 17 distribution sites, across the U.S., Mexico, Europe, North Africa, Asia Pacific and China.
The divestiture completes Honeywell’s exit from the PPE business following the sale of its lifestyle and performance footwear business to Rocky Brands for $230 million in 2021.
It comes less than two weeks after activist investor Elliott Investment Management said it amassed a $5 billion stake in Honeywell and called on the company to break up its aerospace and automation businesses.