DEALS
Zhong Lun Advises Protective Industrial Products on Completing Acquisition of Honeywell’s Personal Protective Equipment Business
Zhong Lun Advises Protective Industrial Products on Completing Acquisition of Honeywell’s Personal Protective Equipment Business
On May 22, 2025, Protective Industrial Products, Inc. (“PIP”), a global leading supplier and manufacturer of personal protective equipment (PPE), announced on its website that it has completed its acquisition of Personal Protective Equipment (PPE) business from Honeywell International Inc. (Nasdaq: HON) for USD 1.325 billion in an all-cash transaction.
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, “This acquisition is an exciting moment for PIP and our industry that will enable us to offer more growth opportunities for our valued customers around the world by significantly enhancing our product offerings, geographic reach, and manufacturing capabilities. Over our 40-year history, PIP’s vision of bringing the best in the world to our customers has remained unchanged and this marks another important step. In combining the strengths of both companies, we are passionate about creating an industry leader that is more agile, more innovative, and more capable of providing unmatched expertise and service to help our customers grow.”
As PIP’s PRC legal counsel, Zhong Lun Law Firm provided a full range of legal services for this cross-border transaction, including legal due diligence, restructuring plan, reviewing transaction documents, as well as assistance in the signing, closing, and completion of the deal. The project was led by partner Hong (Audry) Li, and team members included associates 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.
