Odyssey Investment Partners is in advanced talks to acquire Honeywell International Inc.’s personal protective equipment unit, people familiar with the matter said.

Honeywell International (NASDAQ:HON) is in advanced discussions to sell its personal protective equipment unit to private equity firm Odyssey Investment Partners for about $1.5 billion. The PE firm is working on completing the deal in the coming weeks,

Honeywell shares are rising in premarket trading after the conglomerate said it plans to spin off its Advanced Materials division as it joins its peers in pursuing a more focused strategy.

(Reuters) - Private equity firm Odyssey is in advanced negotiations to buy Honeywell's face mask unit, Bloomberg News reported on Friday, citing people familiar with the matter. A deal could value Honeywell's PPE unit at about $1.5 billion, the report added.

Honeywell explores $1.5 billion sale of its PPE unit to Odyssey Investment Partners amid strategic shifts and waning demand