Ansell to acquire Midas

Group will take control of Korean glove manuafacturer for approx $US41m.

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.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles