Honeywell International Inc. on Friday said it will buy Norcross Safety Products LLC for $1.2 billion to expand its line of personal protective gear, the Associated Press reports.
Oak Brook, Ill.-based Norcross, which owns North Safety Products of Cranston, R.I., and Salisbury of Skokie, Ill., makes protective and safety equipment for the fire service, utility and general industrial worker segments. Honeywell is buying Norcross from its majority owner, Odyssey Investment Partners.
Honeywell will integrate Norcross into Honeywell Life Safety, part of its automation and control solutions group, which had sales of $3.44 billion in the fourth quarter of 2007.
Norcross had revenues of about $609 million in 2007, said Honeywell, which had revenues of $34.6 billion that year.
Based in Morris Township, N.J., Honeywell, a diversified manufacturer, also has business segments in aerospace and transportation systems.
Roger Fradin, president and CEO of Honeywell's automation and control group, said the acquisition gives Honeywell "a complete platform in a fragmented, global segment which is expected to yield substantial growth opportunities."
"From emergency responders, to electrical workers to the industrial workforce, Norcross's innovative solutions protect those who work in environments where safety protection is paramount," Fradin said.
Honeywell buys Norcross Safety Products (4/4)
April 4, 2008