(Reuters) - Honeywell International (NASDAQ:HON) is considering selling its personal protective equipment (PPE) division in a deal that could value the unit at more than $2 billion, Bloomberg News reported on Tuesday, citing people familiar with the matter.
The U.S. industrial conglomerate is exploring strategic alternatives for the business, and the unit will likely be of interest to private equity firms, according to the report.
The company's PPE products, which range from respiratory protection to work boots and face masks, saw a surge in demand during the COVID-19 pandemic but has since then seen demand wither away.
Honeywell declined a Reuters request for a comment.
The Charlotte, North Carolina-based company announced last year that it plans to realign its business on three broad business trends - automation, aviation and energy transition.