Melbourne, Australia – Ansell Limited, a global leader in protective solutions, today announced the acquisition of 100% of Midas Co. Ltd, a privately held Korean company located in Janggye, South Korea. Founded in 1998, Midas has enjoyed great growth and currently has sales of about $30 million per year. Midas is a manufacturer and supplier of metal mesh gloves, and cut-resistant gloves for the industrial sector, with expertise in polyurethane coatings and wires. With an effective and highly efficient plant in South Korea and Vietnam, and some 300 employees, it has been an important supplier to Ansell for about eight years.
Midas brings Ansell new production capabilities with specialized yarns and polyurethane technology. In addition to the benefits of producing our gloves ‘localy’, Midas’ technologies will be important in accelerating the growth of the HyFlex® glove line and extending the brand’s global leadership.
“Midas is a well-respected company, and their technologies and manufacturing capabilities will complement the Ansell product range and extend our product portfolio for the industrial market,” said Magnus Nicolin, Ansell’s CEO and Managing Director. He continued, “This acquisition represents another step designed to help Ansell, fulfill our growth and innovation strategy, the development of our industry and supply capabilities, all contributing to our leadership in emerging markets.” Completion is expected to occur by year-end 2013.