GOLDEN VALLEY, Minn., Nov. 1, 2011 /PRNewswire/ —

• Highly Profitable, International Safety Footwear And PPE Provider
• Strong Brands in High Growth Verticals And Regions, Especially Southeast Asia
• Builds on Norcross and Sperian Acquisitions; Creates Leading $2 Billion PPE Portfolio
• Acquisition Subject To Customary Regulatory Approval; Expected To Close Early 2012

Honeywell (NYSE: HON) today announced that it has signed a definitive agreement to acquire King’s Safetywear Limited (KSW), a leading international provider of branded safety footwear, for approximately $338 million (S$430 million), which translates to approximately 11.5 times KSW’s estimated 2011 earnings before interest, taxes, depreciation and amortization (EBITDA). The transaction is expected to be accretive to Honeywell’s earnings in 2012. The agreement is subject to customary closing conditions, including regulatory review.

KSW, headquartered in Singapore, employs approximately 1,500 employees across Southeast Asia, Australia and Europe. The company is majority owned by Navis Capital Partners, a Southeast Asian private equity firm, and has estimated 2011 sales of approximately $138 million.

The company’s product portfolio mainly consists of leather-based and polyurethane (PU) 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 market-leading positions in their respective regions and industries. KSW will be integrated into Honeywell Life Safety, part of Honeywell Automation and Control Solutions (ACS), and creates significant opportunities for channel synergies.

In 2008, Honeywell acquired Norcross Safety Products and just two years later, acquired Sperian Protection to establish Honeywell Safety Products, a global leader in the PPE market with a product portfolio designed to protect workers from “head to toe” in a variety of hazardous environments.

“The addition of KSW further builds on our leadership position in the safety products segment worldwide by substantially enhancing our position within the safety footwear category,” said Mark Levy, president and CEO of Honeywell Life Safety. “KSW brands are highly valued, as is reflected by their strong sales growth and terrific profitability. Their presence in important vertical end-markets makes them a logical extension of our business, and should enable more opportunities for Honeywell in the higher growth Southeast Asia, Australia and Europe regions. With their terrific leadership team and expansive distribution network globally, we also see strong cross-selling opportunities worldwide.”

The International Labour Organization (ILO) estimates that each year about 2.3 million people die through work-related accidents and diseases, including close to 360,000 fatal accidents and an estimated 1.95 million fatal work-related diseases(1). Honeywell Safety Products’ goal is to improve safety in the workplace for as many workers worldwide, with effective and comfortable personal protective equipment and advanced safety solutions for the workplace. Honeywell Safety Products is focused on delivering innovative safety solutions for high-risk environments, allowing workers in the manufacturing and services industries to perform their jobs with greater confidence. With its focus on innovation and continuous product evolution, it also helps businesses comply with emerging safety legislation and standards.

Honeywell (www.honeywell.com) is a Fortune 100 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 more news and information on Honeywell, please visit www.honeywellnow.com.

This release contains certain statements that may be deemed “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements.

(1) — ILO. Beyond deaths and injuries: The ILO’s role in promoting safe and healthy jobs, Report for discussion at the XVIII World Congress on Safety and Health at Work, Seoul, Korea, June 2008, p. 1.

SOURCE Honeywell