Manufacturer of condoms and protective industrial and medical gloves, Ansell Limited (ASX: ANN) has announced that it will acquire Ringers Gloves for US$70m. Ringers Gloves is a leading supplier of impact protection gloves to oil & gas and general industry segments.
While the acquisition isn't a game changer for the $3b market cap Ansell, it believes that Ringers Gloves' oil & gas expertise will complement Ansell's existing suite of impact protection products, as well as its proprietary Guardian service which helps companies select the right personal protective equipment.
Ansell will be able to leverage its global footprint, sales reach and established customer relationships to develop the Ringers Gloves business, which currently has $34m in sales.
Chief Executive Officer and Managing Director of Ansell, Magnus Nicolin, said: "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."
"Acquiring Ringers will advance Ansell's safety protection solution platform, creating a leading position in the important and growing specialty category of impact protection gloves."
The market hasn't been too fussed about the news, with the Ansell share price down 0.49% to $23.30.
