AUSTRALIAN latex glove and condom maker Ansell Ltd is set to acquire South Korean knitted cut-resistant industrial gloves producer, Midas C. Ltd for an estimated US$41 million. The deal is expected to close in the fourth quarter.
A supplier of gloves to Ansell for eight years now, Midas, which operates plants in Janggye, South Korea, and Vietnam, has annual sales worth within US$30 million.
Both of the acquired glove factories will continue operating under Ansell, which said that its PU and yarn technologies will help in bolstering growth of the company’s HyFlex brand of products.
Midas likewise will provide Ansell additional manufacturing capacity, yarn wrapping technology and PU knowledge.