Ansell (ANN) will acquire Korean glove manufacturer Midas, a long-time supplier of the Australian company, for approximately $US41.1 million.
In a statement to the Australian Securities Exchange, Ansell said the manufacturer and supplier of knitted, cut resistant industrial gloves currently has sales of approximately $US30 million per year.
Ansell's chief executive officer Magnus Nicolin said Midas was a well-respected company with technologies, manufacturing capabilities and a product range that would extend Ansell's industrial and specialty markets offering.”
“This acquisition represents another step designed to drive Ansell forward, fulfilling our growth strategy of accelerating innovation, developing our manufacturing and sourcing capabilities and building our leadership position in emerging markets," he said.
Ansell said the acquisition would be earnings neutral in fiscal 2014 and "meaningfully accretive" going forward.