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Melbourne, Australia, 2017/01/31 - Ansell Limited, a global leader in protection solutions, announces it has acquired Nitritex Limited, a fast-growing UK-based, manufacturer of premium cleanroom and healthcare Life Sciences consumables - Nitritex.com / Ansell.com.
The total consideration is £57 million including £12 million of cash. The net purchase price of £45 million (approx. US$56 million) is equivalent to a multiple of approximately seven times adjusted EBITDA on a trailing 12 month basis.
Founded in 1996, Nitritex (nitritex.com), through its flagship brand, BioClean™ manufactures a broad range of sterile and non-sterile consumables including disposable gloves, garments, goggles, face masks and accessories. The company has strong capabilities in supporting the demanding standards of cleanroom and healthcare Life Sciences customers in more than 80 countries, with the majority of its sales in Europe. Nitritex has a manufacturing facility in Malaysia focused on cleanroom processing and packing, as well as specialized glove manufacturing. The company has demonstrated consistent, double-digit revenue and earnings growth in past years.
“As a high-growth, high-margin vertical, Life Sciences is a strategically important business to Ansell,” said Magnus Nicolin, Chief Executive Officer and Managing Director at Ansell. “The acquisition of Nitritex offers Ansell a unique opportunity to accelerate growth in this segment by expanding our expertise and product range to better meet the needs of our Life Sciences customers.”
The transaction is expected to be marginally EPS accretive in F17 after acquisition costs and approximately 2 cents EPS accretive in F18. The acquisition will be funded by currently available facilities.
Investors & Analysts
Australia: David Graham, I.R. T: +61(3) 9270 7215 / +61(4) 0114 0749 - E: david.graham[.]ansell.com.
US: Neil Salmon, CFO T: +32(0)2 528 75 59 - E: neil.salmon[.]ansell.com.
Australia Media Contact: Andrew Stokes, FTI Consulting
T: +61(2) 8298 6114 / +61(4) 1696 7038 - E: andrew.stokes[.]fticonsulting.com.
Ansell (ansell.com) is a world leader in providing superior health and safety protection solutions that enhance human well-being. With operations in North America, Latin America/Caribbean, EMEA and Asia, Ansell employs 15,000 people worldwide and holds leading positions in the personal protective equipment and medical gloves market, as well as in the sexual health and well-being category worldwide. Ansell operates in four main business segments: Medical, Industrial, Single Use and Sexual Wellness.
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