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

How does Cloud ERP benefit C-Level executives?
Partner Content
The time is ripe to get serious about digital transformation, make it a priority and im...
Annexa
Advertisement

Related Stories

Winners are grinners: Dental Boutique founders named 2022 Australian Young Entrepreneurs of the Year

Winners are grinners: Dental Boutique founders named 2022 Australian Young Entrepreneurs of the Year

In a year marked by capital raises that will make your eyes water, ...

Vibrant founders to vie for Australian Young Entrepreneur Awards

Vibrant founders to vie for Australian Young Entrepreneur Awards

Following hotly contested events across four cities, a community of...

Confectionery entrepreneur hits the sugar-free sweet spot with FUNDAY

Confectionery entrepreneur hits the sugar-free sweet spot with FUNDAY

Daniel Kitay grew up with a sweeter tooth than most. The Perth-bor...

Deloitte reveals Australia’s fastest growing tech companies, beating the odds to hit an 18-year high

Deloitte reveals Australia’s fastest growing tech companies, beating the odds to hit an 18-year high

It appears that the combined disruption of a pandemic, floods, glob...