Honeywell Sells Face Mask Business in $1.3 Billion Cash Deal

Honeywell International Inc. agreed to sell its personal protective equipment unit for about $1.3 billion, the latest in a series of portfolio changes for the big manufacturer that’s facing calls from an activist to break up.

Protective Industrial Products Inc., a portfolio company of private equity firm Odyssey Investment Partners, will buy the Honeywell unit in an all-cash transaction, according to a statement Friday. The deal is expected to close in the first half of 2025. Honeywell said it would retain its gas detection operations within the Industrial Automation business.