Ansell slips on US glove maker for $96.2 million

Ansell slips on US glove maker for $96.2 million

Following the sale of its condom business in 2017 Ansell (ASX: ANN) has been focusing on its protective gear unit as its priority.

Continuing this trend, the Australian company has acquired a US protective glove manufacturer Ringers Gloves for US$70 million ($96.2 million).

Ringers Gloves has a history of manufacturing gloves to oil & gas and general industry segments, and last year made $34 million in sales.

Ansell says the acquisition will add to the company's already strong portfolio of gloves businesses including its HyFlex brand and thermal protection brand ActivArmr.

"This acquisition provides a highly complementary suite of industry leading impact protection products, expanding Ansell's position in this attractive and growing specialty category," says Ansell in its ASX statement.

Ansell chief executive officer and managing director Magnus Nicolin says the purchase will enable Ansell to become the market leader for a variety of protective needs.

"The acquisition of Ringers Gloves is consistent with Ansell's growth strategy as we look to strengthen our market leadership position across the full range of industrial hand protection needs," says Nicolin.

The company expects the acquisition to be approximately 1 cent dilutive to its earnings per share in FY19 and 1 cent accretive in FY20.

Shares in Ansell are up 0.68 per cent to $23.58 per share at 10.13am AEDT.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Facing the latest impacts of cyber-crime: cyber insurance premiums increase for businesses
Partner Content
As Australian businesses are forced to adapt to a new normal yet again, a different typ...
Aon
Advertisement

Related Stories

Zip edges into India via investment in BNPL player ZestMoney

Zip edges into India via investment in BNPL player ZestMoney

Australian buy-now pay-later (BNPL) company Zip Co (ASX: Z1P) is te...

Victoria hit with magnitude-5.8 earthquake, felt as far as Sydney and Adelaide

Victoria hit with magnitude-5.8 earthquake, felt as far as Sydney and Adelaide

A magnitude-5.8 earthquake originating in Mansfield, Victoria ...

Douugh to list on US market ahead of proposed NASDAQ play

Douugh to list on US market ahead of proposed NASDAQ play

Money management fintech Douugh (ASX: DOU) hopes to access a deeper...

Airwallex now valued at $5.5 billion following oversubscribed Series E

Airwallex now valued at $5.5 billion following oversubscribed Series E

Fintech platform Airwallex today announced it has raised US$200 mil...