Malaysia-based private equity firm Navis Capital Partners is selling protective clothing company King’s Safetywear (KSW) to Honeywell International, Financial Times reports. The U.S. industrial conglomerate will pay $338 million for the Singapore-based company which has 1500 employees on its rolls.
Sales of King’s Safetywear are estimated to be around $138 million in 2011. Honeywell International, which manufactures a range of products from air conditioning units to aeroplane engines, also has a line of life safety equipment.
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