Comasec is a privately owned French group with sales of around EUR100m (approximately A$120m), manufacturing operations in Portugal and Malaysia and over 1200 employees globally.
Comasec is a significant participant in the European Personal Protective Equipment (PPE) Glove Market, and has a presence in North America. It specialises in gloves for chemical protection, food handling, cut protection, mechanical protection, dry box and thermal protection. Major brands are Comasec, Marigold, and Marigold Industrial.
Magnus Nicolin, Ansell's CEO commented "From a strategic perspective, Comasec ticks all the boxes. Comasec's gloves complement and extend Ansell's Industrial and Specialty Markets product ranges, its brands and people are well regarded in Europe especially and its culture will fit well with Ansell's. Clearly there are opportunities for cost synergies, but this acquisition, more than anything, helps us to strengthen our Industrial and Specialty Markets businesses. We expect solid growth synergies as our combined teams and improved offerings help us to better serve our customers".
Pascal Berend, Comasec's owner and CEO said "Since its founding by my father in 1948, Comasec/Marigold has developed very successfully as a family-owned group in PPE. With China's entry into the WTO and the acquisitions in recent years of many independent PPE players by major multinationals, I am pleased that Comasec is joining forces with Ansell, the recognized world leader in protective gloves. This combination will generate many opportunities to accelerate growth and innovation while continuing to provide quality products and services to our customers."
Closing is expected by October, subject to regulatory approvals. The (cash-free, debt-free) purchase price is EUR101.5m (A$118m) and is being funded out of Ansell's available cash and credit facilities. After expensing transaction and integration costs, it is expected to be slightly EPS accretive in F'13 and strongly accretive thereafter.
Investor relations team
Mr David Graham, General Manager Finance & Treasury
P: +61 3 9270 7215 / F: +61 3 9270 7300
Mr Rustom Jilla, Chief Financial Officer
P: + 1 732 345 5359 / F: +1 732 219 5114