DEALS
Zhong Lun Law Firm Assists Protective Industrial Products to Acquire Honeywell’s Personal Protective Equipment Business
Zhong Lun Law Firm Assists Protective Industrial Products to Acquire Honeywell’s Personal Protective Equipment Business
On November 22, 2024, Protective Industrial Products, Inc. (“PIP”), the global leading supplier and manufacturer of personal protective equipment (PPE), announced a definitive agreement on its website to acquire the PPE business of Honeywell (NASDAQ: HON). On the same day, Honeywell also released on its website that the purchase price of the transaction is USD 1.325 billion in all-cash, and the deal is expected to close in the first half of 2025, subject to customary closing conditions.
The PPE business of Honeywell has approximately 5,000 employees and currently operates 20 manufacturing sites and 17 distribution sites across the US, Mexico, Europe, North Africa, China and Asia Pacific, enjoying a streamlined global manufacturing and distribution footprint.
Curt Holtz, President and CEO of PIP, said, “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. 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.”
Zhong Lun Law Firm, acting as the PRC legal counsel of PIP, provided comprehensive legal services to PIP for this transaction, including deal structuring in China, legal due diligence, review of transaction documents, assistance in completion of signing as well as subsequent closing of the deal. The project is led by partner Audry Hong Li, and participating associates including Lida Shi, Ricardo Li, and Isaac Wang.
PIP is a provider of essential, consumable, and high-performance PPE products to distributors and retailers in North America with a growing international presence. PIP’s product portfolio includes PPE products across hand and arm protection, protective clothing, eye and hearing protection, and head protection. PIP is also a portfolio company of Odyssey Investment Partners, LLC., which is a top private equity firm with a rigorous approach to thematic investing in industrial and business services markets, and aims to transform middle-market companies into highly efficient, diversified leaders with attractive long-term growth profiles.
