The rumor has been circulating for months, the announcement is finally made: the Honeywell group has sold its Personal Protective Equipment business to Protective Industrial Products, Inc. ("PIP"), owned by Odyssey Investment Partners, for USD1.325 billion.
This transaction, the largest in this sector for many years, makes PIP one of the world leaders in PPE, mainly positioned in the United States, but with a strong position in Europe.
At this stage, this deal raises two immediate questions:
- Will PIP continue its momentum and look at other players interested in backing up with a world leader, in line with its dynamic acquisition strategy in recent years, or will it pause and devote itself to the integration of its various assets?
- What will be the reaction of competing PPE platforms (manufacturers and distributors)? Does this operation mark the resumption of a race for consolidation that Honeywell and 3M had initiated in their time?
Response over the next few months....
