26 September 2013 – Melbourne, Australia – Ansell Limited (ASX:ANN), a global leader in protection solutions, today announced it has agreed to acquire 100% of Midas Co. Ltd., a privately held Korean company, located in Janggye, South Korea. Founded in 1998, Midas has enjoyed robust growth and currently has sales of approximately USD30 million per annum.
Midas is a manufacturer and supplier of knitted, cut resistant industrial gloves with expertise in polyurethane coatings and yarn wrapping. It has cost effective and highly efficient plants in South Korea and Vietnam with approximately 300 employees. It has been an important supplier to Ansell for some eight years.
Midas brings to Ansell new manufacturing capabilities with specialised yarn and polyurethane technology. In addition to the benefits of bringing its manufacturing capabilities in house, the Midas technologies will be important in accelerating the growth of the HyFlex® range of products and extending the global leadership of the HyFlex® brand.
“Midas is a well-respected company and its technologies, manufacturing capabilities and product range complement and extend our industrial and specialty markets offering.” said Magnus Nicolin, Ansell’s Chief Executive Office and Managing Director. He continued “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.”
The acquisition is expected to be EPS neutral in F’14 and meaningfully accretive going forward. The purchase price is approximately KRW44.2bn (US$41.1M) including an estimated net debt position at the time of closing of KRW6.6b (US$6.1M). The closing is expected to take place during the fourth quarter of calendar year 2013.
FOR MORE INFORMATION:
Investors & Analysts
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Neil Salmon, CFO
Tel: (1732) 345 5359
Helen McCombie, Citadel
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Peter Brookes, Citadel
Tel: (61) 0407 911 389
Frank Mantero, Communications
Tel: (1732) 345 2128