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Tom Paolella
Tom Paolella February 06, 2020

ANSELL LIMITED TO ENTER JOINT VENTURE WITH CAREPLUS GROUP TO SUPPORT RAPID GROWTH IN SURGICAL GLOVE SALES

6 February 2020 – Melbourne, Australia – Ansell Limited (ASX:ANN), a global leader in protection solutions, today announces an acquisition of 50 percent of the issued shares in Careplus (M) Sdn Bhd from Careplus Group Berhad for a total consideration of RM37 million (approx. US$ 9 million) including capital investments and subject to Careplus Group shareholder approval and customary closing conditions.

Careplus (M) Sdn Bhd is a Malaysian manufacturer of surgical as well as latex and nitrile powder-free examination gloves, with annual sales of RM157 million (approx. US$ 38 million). The Company is a current Ansell supplier and has a manufacturing facility in the Senawang Industrial Estate, near Kuala Lumpur in Malaysia, with significant unused space and capacity.

“Both Ansell and Careplus share similar values including our commitment to delivering high-quality products while maintaining high labour practice standards in our manufacturing facilities. We are excited to enter a manufacturing partnership with them, investing together behind additional capacity,” says Darryl Nazareth, President Healthcare Global Business Unit at Ansell. “We continue to see excellent growth in our surgical business and this investment, together with additional capital investments we are making in our wholly owned manufacturing facilities, delivers the capacity we need to continue to grow and satisfy the increasing global demand for surgical gloves as well as support the rapid growth of our differentiated Industrial single use platforms.”

Ansell expects the acquisition to be EPS neutral in F20 and slightly EPS accretive thereafter. Closing is expected to occur in March 2020.

ENDS