Honeywell to buy Norcross for $1.2 billion
April 4th, 2008 | by admin |NEW YORK (Reuters) - Diversified manufacturer Honeywell International Inc (HON.N: Quote, Profile, Research) said on Friday it would buy Norcross Safety Products LLC, a maker of personal protective equipment, for about $1.2 billion, to expand its safety business.
Norcross, which is majority owned by Odyssey Investment Partners, makes protective and safety equipment for the fire service, utility and general industrial worker segments. The company had 2007 revenue of about $609 million.
“This acquisition provides Honeywell with a complete platform in a fragmented, global segment which is expected to yield substantial growth opportunities,” said Roger Fradin, President and CEO of Honeywell’s Automation and Control Solutions group, in a statement.
The agreement is subject to customary closing conditions, including regulatory review, Honeywell said.
(Reporting by Chelsea Emery; Editing by Derek Caney)
