Ansell (ASX:ANN) buy stake in Malaysian glove-maker
Protection solutions company Ansell (ASX:ANN) has bought a 50 per cent stake in a Malaysian gloves maker for $13.3 million.
Careplus Malaysian is a manufacturer of surgical and latex and nitrile powder-free examination gloves, with annual sales of $56.4 million.
They are a current supplier of Ansell and the two businesses will enter a manufacturing partnership as part of the deal.
Ansell expects the acquisition to be EPS neutral in F20 and slightly EPS accretive thereafter. Closing is expected to occur in March 2020.
Shares in Ansell (ASX:ANN) are trading 0.59 per cent higher at $32.64.
Copyright 2020 – Finance News Network
Source: Finance News Network
