Comprehensive M&A data with integrated detailed company information

Honeywell considering disposal of personal protective equipment unit: Bloomberg
Posted on Thursday, 13 February 2020 12:43
Honeywell International is exploring a sale of its personal protective equipment business that could be worth around USD 2.00 billion, people familiar with the matter told Bloomberg.

According to the sources, the US-based industrial conglomerate is working with an advisor and plans to reach out to prospective bidders soon.

The personal protective equipment unit is part of Honeywell’s safety products business and makes items such as gas masks, goggles and working boots.

Insiders cautioned there has been no final decision made at this time and therefore there is no guarantee of a sale taking place.

Honeywell is shifting its focus to industrial software and may consider other divestments of non-core assets.

Shares in the company, which creates items from aircraft engines to controls for commercial buildings, rose 11.9 per cent to USD 117.96 on 11th February 2020, giving the group a market capitalisation of USD 129.46 billion.

In the year ended 31st December 2019, Honeywell’s safety and productivity arm generated sales of USD 6.10 billion, representing 16.6 per cent of total sales at the business of USD 36.71 billion in the same 12-month period.

The unit offers eye, face and hand protection, professional footwear, clothing and harnesses and other products to help people working at heights.

Zephyr, the M&A database published by Bureau van Dijk, shows there were 264 deals targeting surgical appliance and supplies manufacturers announced worldwide in 2019.

Cinven acquired National Seating & Mobility, a US-based customised wheelchair maker, for USD 850.00 million, in the largest of these.

This was followed by Yellow Wood Partners picking up Bayer's Dr Scholl's business in the Americas for USD 585.00 million.

Other deals included Sanofi's seprafilm adhesion barrier brand buying Baxter International for USD 350.00 million, Pacira Pharmaceutical purchased MyoScience for USD 220.00 million and Hill-Rom Holdings acquired Breathe Technologies for USD 130.00 million.

© Zephus Ltd