MENU

Ansell acquires Korean glove manufacturer for $41 million

Ansell (ASX: ANN) announced today that it has acquired privately-held Korea-based Midas, a company specializing in industrial-grade protective gloves, for $41.1 million. Ansell, a health and safety protection company itself, sees the glove company as a natural fit.

With “robust growth” over the past 15 years and current annual sales of $30 million, the new purchase will allow Ansell new growth and development opportunities. “Midas is a well-respected company and its technologies, manufacturing capabilities and product range complement and extend our industrial and specialty markets offering,” said Ansell CEO and Managing Director Magnus Nicolin in a statement today. “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.”

Midas has already been an Ansell supplier of knitted, cut resistant gloves for eight years, but now Ansell will be able to expand Midas’ technology to other products. Its expertise in polyurethane yarn wrapping, as well as its HyFlex® products, will be important additions to its arsenal.

Ansell will officially seal the deal in Q4 2013 and expects to break even on the acquisition in FY 2014.

With Australian companies making international acquisitions, there’s global growth to be had in local markets. Get “3 Stocks for the Great Dividend Boom” in our special FREE report. Click here now to find out the names, stock symbols, and full research for our three favourite income ideas, all completely free!

More reading


Motley Fool contributor Justin Loiseau has no position in any stocks mentioned in this article. You can follow him on Twitter @TMFJLo.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…

Including:

The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!