Honeywell International to buy Sperian Protection for $1.4 billion
20 May 2010
Diversified US conglomerate Honeywell International Inc yesterday offered to buy French personal protection equipment maker Sperian Protection for $1.4 billion in cash, topping a bid from the UK buyout firm Cinven Investment Fund.
Honeywell offered to pay $143 per share, topping a bid of $85, made in late March by Cinven Investment Fund's unit in France Menelas.
The Paris-based board of Sperian has approved the Honeywell offer and its two major shareholders - French opthalmic lens maker Essilor, which has a 15-per cent stake in Sperion, and Sperion's honorary chairman, co- executive officer and member of governance committee, Ginette Dalloz, who holds 13.2 per cent - have entered into a binding agreement for the sale of their stakes in Sperian to Honeywell.
Sperian, with 2009 sales of €660 million, is a global leader in personal protective equipment - head and face protection equipment, hearing, respiratory, gas detection instrumentation, body protection consisting of clothing, safety footwear, protective gloves, and fall protection gear.
With customers in 80 countries, Sperian has 6,000 employees in 26 countries at 27 production sites.
Honeywell, a Fortune 100 diversified technology and manufacturing company with 2009 revenues of $30.9 billion, is a leader in aerospace products and services, control technologies for buildings, homes, and industry, automotive products, turbochargers, and specialty materials.
New Jersey-based Honeywell anticipates that the Sperian merger with its safety products business will benefit from significant synergies, expanded access to global distribution channels, and a strong retail presence.