Honeywell Buying Norcross Safety for $1.2 Billion
Honeywell said today it has a definitive agreement to acquire Norcross Safety Products L.L.C., for approximately $1.2 billion. Norcross, based in Oak Brook, IL, and majority owned by Odyssey Investment Partners, owns North Safety Products of Cranston, R.I., and Salisbury of Skokie, Ill., and makes PPE for the fire service, utility, and industrial markets. Honeywell said Norcross will be integrated into Honeywell Life Safety, which is part of Honeywell's Automation and Control Solutions group (ACS).
"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," said Roger Fradin, president and CEO of Honeywell ACS. "With more than 100 years of industry experience, best-in-class solutions and trusted brands, and a strong management team with exceptional talent and depth, Norcross is a globally recognized industry leader that will bolster our offerings to our customers in key Life Safety segments. This acquisition provides Honeywell with a complete platform in a fragmented, global segment which is expected to yield substantial growth opportunities. Investing in Norcross allows Honeywell to fully participate in the broad and highly regulated industrial safety marketplace."
Norcross's 2007 revenue was approximately $609 million, according to Honeywell's announcement. The Norcross products include air purifying respirators, footwear, headgear, firefighters' turnout gear, high-voltage sleeves and gloves, and arc flash protection. Other Norcross brand names include Fibre-Metal, Pro-Warrington, and Servus.
"This acquisition creates an exciting adjacency for Honeywell Life Safety – especially our Fire Systems and Gas Detection businesses, which share common distribution channels with Norcross. We expect strong sales synergies across Honeywell businesses and opportunities to add value to Norcross products with Honeywell electronic gas sensors, fire detection, and advanced fiber material technologies," said Mark Levy, president of Honeywell Life Safety. "Norcross and its leadership in the personal protection segment are highly complementary to our portfolio and customer base. The acquisition of Norcross builds on the highly successful Novar, Zellweger, and First Technology acquisitions and extends our already strong position in the $20 billion global life safety marketplace."
"Becoming a part of Honeywell is a terrific opportunity for our business, customers, and employees," said Bob Peterson, president and CEO of Norcross. "We are enthusiastic that this acquisition brings us access to even stronger technologies, global distribution channels, and gives us the ability to expand our product offerings in a world with heightened safety demands."