Honeywell Cleared to Buy France's Sperian
European Union antitrust regulators approved U.S. manufacturer Honeywell International to buy French firm Sperian on Wednesday, saying the acquisition would not harm competition.
The deal is valued at $1.4 billion, including Honeywell's assumption of about $300 million in Sperian debt. Sperian makes products such as face masks, industrial clothing and protective shoes.
"As Honeywell's and Sperian's activities are mainly focused in different geographic areas and product segments, the overlaps between the parties' activities as regards personal protective equipment devices are limited," the European Commission, which regulates EU antitrust issues, said in a statement.
Honeywell has been expanding into the protective equipment business in recent years. In 2008 it acquired Norcross Safety Products for $1.2 billion. The EU executive said the merged Honeywell-Sperian would still face a number of significant competitors.
