NEW YORK (Standard&Poor's) April 4, 2008--Honeywell International Inc. (A/Stable/A-1) today announced that has reached an agreement to acquire Norcross Safety Products LLC (B+/Watch Pos/--) from Odyssey Investment Partners for $1.2 billion. Standard&Poor's Ratings Services said its ratings and outlook on Honeywell are not affected by this announcement. Financing plans for the acquisition were not disclosed, but Standard&Poor's expects any debt used would be repaid fairly quickly using the company's sizable free cash flows (about $3.3 billion forecast for 2008). Norcross is a leading supplier of personal protective equipment including air purifying respirators, protective footwear, protective headgear, firefighter turnout gear, high-voltage sleeves and gloves, and arc flash protection. The acquired company will be integrated into
