Honeywell buys Norcross for $1.2 billion
Oak Brook-based personal protective gear firm Norcross Safety Products LLC said Friday it is being bought by Honeywell International Inc. for $1.2 billion.
Norcross, which employs more than 200 people in the Chicago area, makes protective and safety equipment for fire service, utility and general industrial workers.
It operates facilities in Addison, Chicago and Skokie, according to Norcross.
The Addison facility is a manufacturing site and the Skokie facility makes and markets W.H. Salisbury safety equipment for the utility industry, according to the firm.
Honeywell spokeswoman Julie Franklin said it has no immediate plans for the work force at Norcross, which she said has 3,300 employees in several U.S. locations and abroad in Canada, Mexico and Europe.
"The plans are to keep operating those businesses from where they are operating today," Franklin said. "So there's no immediate plans for consolidations."
Norcross had revenues of about $609 million in 2007, according to Honeywell, which had revenues of $34.6 billion last year.
Norcross consumer brands include Ranger, XTRATUF, Servus, Northerner, The Original Muck Boot Company and NEOS.
Norcross products include air purifying respirators, protective headgear and footwear, firefighter turnout gear, high-voltage sleeves and gloves, and arc flash protectors.
Honeywell is buying the company from its majority owner, Odyssey Investment Partners.
Morris Township, N.J.-based Honeywell will integrate the company into Honeywell Life Safety, part of its automation and control solutions group, which had sales of $3.44 billion in the fourth quarter of 2007.
Honeywell, a diversified manufacturer, also has business segments in aerospace and transportation systems.
Honeywell plans to sell Norcross' safety products to customers of its existing fire and gas detection systems for buildings. Honeywell also may incorporate sensors and advanced fiber materials into the products, the company said.
Honeywell rose 63 cents to $58.27 Friday in New York Stock Exchange composite trading. The stock has gained 23 percent in the past 12 months.