Honeywell has completed the sale of its Personal Protective Equipment (PPE) business to Protective Industrial Products Inc., known as PIP, for $1.325 billion in an all-cash transaction. PIP, a global manufacturer and supplier of PPE, is a portfolio company of Odyssey Investment Partners.
This strategic move is part of Honeywell’s ongoing efforts to streamline its portfolio and concentrate on its core growth areas. The transaction also marks Honeywell’s complete exit from the PPE sector. In 2021, the company divested its Lifestyle and Performance Footwear business to Rocky Brands, and this sale represents the final step in that transition.
"Completing the divestiture of our PPE business is another critical step in simplifying and optimizing our portfolio for growth in our core businesses," said Honeywell Chairman and CEO Vimal Kapur. "Beyond the benefits for Honeywell, the sale also strengthens PPE’s future opportunities given the strong alignment with PIP’s core business."
The divestiture comes amid a series of strategic initiatives Honeywell has pursued since December 2023, aimed at accelerating organic growth and refining its business focus. These include a planned separation of its Aerospace Technologies division and a previously announced spin-off of its Advanced Materials business. Together, these actions will establish three distinct, publicly traded companies, each with tailored strategies and growth drivers.
In addition to these structural changes, Honeywell has undertaken $13.5 billion worth of accretive acquisitions. Notable deals include the purchase of the Access Solutions business from Carrier Global, Civitanavi Systems, CAES Systems, and the LNG business from Air Products. The company has also announced planned acquisitions of Sundyne and Johnson Matthey’s Catalyst Technologies business.
Honeywell’s sale of the PPE business to PIP positions the unit for future growth within a company that is focused solely on personal protection. With the backing of Odyssey Investment Partners, PIP is expected to continue delivering value to customers worldwide while expanding its market presence.
This transaction aligns with Honeywell’s long-term strategy to concentrate resources on high-growth sectors where it can drive innovation and operational excellence. As Honeywell continues to reshape its portfolio, the company remains focused on enhancing shareholder value through targeted investments and strategic divestitures.
Honeywell is a global, integrated operating company that supports a wide array of industries across various regions. Its business strategy is built around three major megatrends: automation, the future of aviation, and the energy transition. These efforts are driven by the Honeywell Accelerator operating system and the Honeywell Forge IoT platform.
The company offers a high-quality, extensive portfolio of high-purity acids and bases, inorganic halides, fluoride and phosphorus derivatives, sulfur compounds, oxides, and a wide range of other inorganic chemicals. These products cater to a variety of markets, including metal surface treatment, electroplating, oral and personal care, healthcare, nutrition, sealants, adhesives, catalysts, and energy.
