Honeywell to sell personal protective equipment business for $1.33 billion
10:55 am Friday, November 22nd, 2024
(Reuters) -Honeywell will sell its personal protective equipment business to Protective Industrial Products for about $1.33 billion in cash, it said on Friday, further streamlining its business.
A potential sale of the PPE business was disclosed before activist Elliott Investment called for a split of the company’s aerospace and automation businesses after taking a $5 billion-plus stake.
Since taking charge last year, CEO Vimal Kapur has looked to align Honeywell’s portfolio to a shift to the so-called megatrends of automation, aviation and energy transition.
The sale of the PPE business, which is part of the company’s industrial automation segment, is expected to close in the first half of 2025.
The diversified industrial giant said it would retain its gas detection portfolio within the segment after the divestment.
Protective Industrial Products, which manufactures and supplies protective equipment, is owned by private equity firm Odyssey Investment Partners.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Sriraj Kalluvila)
