MORRIS TOWNSHIP, N.J., May 16, 2008 – Honeywell (NYSE: HON) today announced it has completed its acquisition of Norcross Safety Products L.L.C., a leading manufacturer of Personal Protective Equipment (PPE), for approximately $1.2 billion. Norcross, based in Oak Brook, IL, will form a new line of business called Honeywell Safety Products within Honeywell Life Safety, part of Automation and Control Solutions (ACS).
“We’re excited to have the opportunity to participate in the dynamic growth of the personal protective industry,” said Mark Levy, President, Honeywell Life Safety. “Norcross is an ideal fit for Honeywell. Together, we combine rich histories of delivering safety products, services and technologies that meet customer needs, while complying with the very strict regulations that the industry demands.”
Norcross is one of the largest providers of personal protective equipment offering unique integrated head-to-toe solutions for those who work in environments where safety protection is paramount, including the fire service, electrical safety and general industrial worker segments. The company is a recognized leader in several major industry segments including Air Purifying Respirators (APRs), protective footwear, protective headgear, firefighter turnout gear, high-voltage sleeves and gloves, and arc flash protection. Norcross sells its products under trusted, long-standing and well-recognized names, including North, KCL, Fibre-Metal, Morning Pride, Pro-Warrington, Salisbury and Servus. It benefits from one of the industry’s most extensive distribution networks with more than 2,500 locations.
“Norcross offers us leading safety products with technology differentiation and one of the strongest, most recognizable brands in the industry,” Levy said. “As we initiate a robust integration process, we expect to maximize the sales potential of the Norcross portfolio by expanding the channels in which they are offered. Consistent with our previous acquisitions in gas detection and fire systems, we’ll focus on delivering profitable, sustainable growth to Honeywell by extending our already strong position in the $20 billion global Life Safety marketplace.”
Honeywell International is a $37 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell’s shares are traded on the New York, London and Chicago Stock Exchanges. For additional information, please visit www.honeywell.com.This release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements are based on management’s assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements. Our forward-looking statements are also subject to risks and uncertainties, which can affect our performance in both the near- and long-term. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
