Protective Industrial Products (PIP) is set to acquire the Personal Protective Equipment business from Honeywell for $1.325 billion in an all-cash transaction.

The deal is expected to close in the first half of 2024.

Latham, NY-based PIP is a portfolio company of Odyssey Investment Partners and serves as a manufacturer of hand protection and PPE to wholesalers and distributors worldwide with locations throughout North and South America, Europe and Asia.

Honeywell’s PPE unit, meanwhile, employs around 5,000 people and operates a global manufacturing and distribution network with 20 manufacturing sites and 17 distribution centers across the U.S., Mexico, Europe, North Africa, Asia Pacific and China. It includes brands of Fendall, Fibre-Metal, Howard Leight, KCL, Miller, Morning Pride, North, Oliver, Salisbury, UVEX and others

“We are delighted to welcome these brands, capabilities and new employees into PIP with the acquisition of Honeywell’s PPE Business, which is highly complementary to our business,” PIP President and CEO Curt Holtz said in a Nov. 22 PIP news release. “The combination of our expanded portfolio of brands and enhanced geographic reach will enable us to offer more growth opportunities for our valued customers around the world.”

The business unit offers a range of personal protective equipment from brands like Fendall, Fibre-Metal, Howard Leight, KCL, Miller, Morning Pride, North, Oliver, Salisbury, UVEX and others.

“Over the last five years, our PPE business has experienced significant wins as a result of its operational improvement initiatives, footprint rationalization and quick adaptation to global needs following the pandemic,” Honeywell Chairman and CEO Vimal Kapur said in a Honeywell news release on Nov. 22. “Now with this transaction, the business will be positioned to accelerate its growth trajectory as it benefits from Odyssey’s historic investing in the PPE sector and scaling similar businesses to expand into new products, geographies and end markets,”

Honeywell said the sale of its PPE business follows the company’s 3Q24 announcement to divest non-core assets, supporting its strategy to focus on high-return acquisitions and align with its key growth trends. Additionally, the company said the move complements recent acquisitions and the planned spin-off of its Advanced Materials unit by 2025 or 2026.