Gloves and condom maker Ansell Limited (ASX:ANN) has announced the completion of its $126 million acquisition of privately owned French group Comasec.
The cash and debt free acquisition was funded through Ansell’s cash and credit facilities and is expected to be moderately accretive after costs in the remainder of fiscal 2013 and strongly accretive in the coming years.
Ansell says the acquisition will extend its industrial and specialty markets product ranges as well as deliver new manufacturing capabilities.
Comasec has manufacturing operations in Portugal and Malaysia, employing over 1200 people globally and bringing in sales of approximately $100 million euro, or $123.6 million Australian dollars.
In the first half of the 2012 financial year Ansell reported a net profit of $66.6 million.
ANN Price at posting:
$15.86 Sentiment: None Disclosure: Held
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