Australian-based international company Ansell has acquired United States business BarrierSafe Solutions for $US615 million ($669 million).
Ansell is a maker of protective clothing and condoms, while BarrierSafe produces single-use gloves, with sales of approximately $US290 million per annum.
The acquisition is aimed to further Ansell’s position in the North American protective handwear market.
“The acquisition represents another strategic move in fulfilling our growth objectives in target industry verticals and is consistent with our disciplined approach to mergers and acquisitions, with an EBITDA multiple similar to that paid by Ansell in other recent transactions,” Ansell chief executive Magnus Nicolin said in a statement.
Ansell expects the move will reduce supply chain costs and result in increased revenue opportunities.
Saputo ups its stake in WCB
Canadian dairy giant Saputo has increased its stake in the Warrnambool Cheese and Butter Factory, just one day after announcing a possible increased bid for the company.
In a statement to the Australian Securities Exchange, it was revealed Saputo now hold a 3.73% share of WCB.
Yesterday, the dairy maker said it would increase its bid for the factory to $9.20 cash per share, if it achieved a relevant interest of more than 50% in WCB during the offer period.
The WCB board has unanimously recommended shareholders accept Saputo’s bid.
Shares open steady
The Australian share market has opened slightly up this morning, following a soft lead from Wall Street overnight.
The S&P/ASX200 benchmark was up 1.7 points to 5354.5 at 11:42am AEDT. Overnight the Dow Jones closed 7.77 points up at 16,072.54.