Ansell has agreed to buy Texas-based protective glove manufacturer Ringers Gloves for $US70 million ($96.2 million), continuing the rebalancing of its business following the 2017 sale of its condom-making unit.
ASX-listed Ansell says Ringers, which has $34 million in sales and 39 employees, is a leading provider of gloves to oil and gas, as well as general industry.
Ansell says Ringers, which has $34 million in sales and 39 employees, is a leading provider of gloves to oil and gas, as well as general industry.
“The acquisition of Ringers Gloves is consistent with Ansell’s growth strategy as we look to strengthen our market leadership position across the full range of industrial hand protection needs,” chief executive and managing director Magnus Nicolin said.
“Ansell has a track record of achieving accelerated growth from highly synergistic strategic acquisitions where the acquired business can be rapidly developed through leveraging Ansell’s global sales reach and strength of customer relationships.”
Ansell expects the acquisition, including transaction and integration expenses, to reduce full-year earnings per share by one cent, and increase it by one cent the following year.
Ansell’s 2018 profit trebled to $US484.3 million following the $US345 million sale of its condoms business.
But in December it said it was shutting three production facilities in Mexico and South Korea in a push to save $30 million a year by 2020.
Ansell shares were worth $23.42 before the start of trade on Friday, down from a three-year high of $29.64 in July.
By Stuart Condie
Source: Sydney Morning Herald
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?