MELBOURNE, Australia—Ansell Ltd. plans to acquire Midas C. Ltd., a privately held South Korean manufacturer of knitted cut-resistant industrial gloves with expertise in polyurethane coatings and yarn wrapping.
The cost of the purchase was estimated at about $41 million.
Midas, founded in 1998, operates plants in Janggye, South Korea and Vietnam. It has about 300 employees. The company has sales in the $30 million range annually.
It has been a supplier of gloves to Ansell for eight years. In addition to bringing Midas' manufacturing capabilities in house, Ansell said, the firm's polyurethane and yarn technologies will be important in accelerating the growth of the company's HyFlex range of products.