MELBOURNE—Ansell Ltd. plans to acquire a 50-percent stake in Malaysian rubber gloves maker Careplus (M) Sdn. Bhd., ahead of anticipated growth in its surgical gloves business.
The $8.8 million investment is subject to Careplus Group shareholder approval and customary closing conditions, the Australian protection products specialist said in a statement.
"We are excited to enter a manufacturing partnership with them, investing together behind additional capacity," said Darryl Nazareth, president health care global business unit at Ansell.
According to the company official, Ansell sees "excellent growth" in its surgical gloves business, and this investment will be part of the effort to meeting rapidly growing demand.
With a production facility in Senawang Industrial Estate, near Kuala Lumpur, Careplus is a manufacturer of surgical as well as latex and nitrile powder-free examination gloves and has an annual sales of $372 million.
Ansell said it expected the acquisition to close in March.