Honeywell has finalized the sale of its Personal Protective Equipment (PPE) business to Protective Industrial Products, Inc. (PIP) for $1.325 billion in cash. PIP is a global supplier and manufacturer of PPE products and operates as a portfolio company of Odyssey Investment Partners.
This transaction marks Honeywell’s full exit from the PPE sector, following its 2021 divestiture of the Lifestyle and Performance Footwear Business to Rocky Brands. The move is part of Honeywell’s broader strategy to streamline its operations and focus on core business areas.
“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.”
Honeywell recently announced plans to separate its Aerospace Technologies business and spin off Advanced Materials, aiming to create three independent publicly listed companies with unique strategies. Since December 2023, Honeywell has taken several strategic steps to drive organic growth and simplify its portfolio. These include acquisitions totaling $13.5 billion, such as Access Solutions from Carrier Global, Civitanavi Systems, CAES Systems, Air Products’ LNG business, Sundyne, and Johnson Matthey’s Catalyst Technologies Business.
Honeywell serves various industries worldwide with a focus on automation, aviation advancements, and energy transition through its four main segments: Aerospace Technologies, Industrial Automation, Building Automation, and Energy and Sustainability Solutions.
The company cautions that statements regarding future activities or developments are forward-looking statements subject to risks including economic conditions or geopolitical factors that could affect performance.
