Honeywell to buy Singapore’s King’s Safetywear Limited for $338 million
02 Nov 2011
Diversified US manufacturer Honeywell International Inc yesterday said that it has signed a definitive agreement to acquire King's Safetywear Limited (KSW), a maker of branded safety footwear, for approximately $338 million.
Singapore-based KSW, majority owned by Navis Capital Partners, a Southeast Asian private equity firm, has a product portfolio that mainly consists of leather-based and polyurethane soled safety footwear and other personal protective equipment used in the manufacturing, logistics, oil & gas, mining and construction segments.
These products are sold under the King's, Otter, and Oliver brands, each with strong market positions in their respective regions and industries. Kings is the dominant market leading brand in South East Asia with over 50 per cent market share in Singapore, Malaysia and Indonesia.
Its safety footwear ranges are widely used in heavy and light industries, including the oil and gas, ship repair, aviation engineering, mining, manufacturing and automotive industries, as well as in hospital and emergency services and kitchens in hotels and restaurants.
With manufacturing facilities in Indonesia, Portugal and Australia, KSW employs around 1,500 people across Southeast Asia, Australia and Europe and has estimated 2011 sales of approximately $138 million.
KSW will be integrated into Honeywell Life Safety, whose lineup of safety equipment for workers include helmets, gloves and respirator.