Honeywell Sells Face Mask Business in $1.3 Billion Cash Deal (1)

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 industrial company 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.

Bloomberg News reported last month that Odyssey was in ...