We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Hsbc Bk.22 | LSE:49IA | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
RNS No 0102n PACIFIC DUNLOP LTD 30th July 1998 ANSELL IN $50 MILLION ACQUISITION Ansell, a division of Pacific Dunlop Limited, will acquire the Thailand-based Suretex Group for $50 million, reinforcing its position as the world's largest marketer and manufacturer in the growing market for latex and synthetic barrier protective products. The acquisition, which follows the announcement last month of the $12 million acquisition of Bangalore (India) based Kemwell International, takes to more than $110 million the amount committed in the past six months to adding capacity and range across Ansell's Key product categories and on geographic expansion. Suretex, which has annual sales of approximately $50 million, has modern condom and medical examination glove manufacturing facilities in Surat Thani in southern Thailand, a recently-constructed condom manufacturing plant in Bangalore in India and a condom packing facility in South Africa. International quality accreditations have been granted for all products. The purchase also includes an additional parcel of land surrounding Suretex's main Thailand site to allow for large-scale further expansion. The Managing Director of Pacific Dunlop, Mr Rod Chadwick, said the Suretex acquisition provided significant benefits for Ansell which included: * A highly-trained management and workforce with excellent operating experience in medical gloves and condoms, capable of substantial expansion; * Opportunities to replace high cost condom outsourcing used to supplement current production, as well as to convert U.S. condom manufacturing facilities to thin nitrile gloves for "critical environments" such as electronics and other high-tech applications; * A critical mass in latex products manufacturing in India, with two facilities in Bangalore and the joint venture with Raymond Limited in Aurangabad; * Immediate additional medical examination glove and condom sales; * An entry into condom markets where Ansell currently has a limited presence, including South Africa, Middle East and Middle Europe; and * A further 20 latex centrifuge machines to provide quality control over the latex used in manufacturing gloves and condoms. Increasing emphasis on quality is becoming a major barrier to new entrants. "This announcement underscores Ansell's position as the principal growth vehicle for the company," he said. "The Ansell strategy has three major thrusts. Firstly, we are aggressively developing powder free medical glove capacity through conversion of existing facilities and the construction of additional automated production lines at Bangkok and Colombo." "Secondly, we are aggressively pursuing the world market for "critical environment" gloves through new product development and further manufacturing investment in the U.S. and Asia." "And thirdly, we have accelerated Ansell's program to be the lowest cost producer across its entire product range." U.S. based Managing Director/CEO of Ansell, Mr Harry Boon, said in addition to the Suretex and Kemwell acquisitions, Ansell had also invested $50 million in the past six months in new production capacitiy in its plants in Thailand, Malaysia and Sri Lanka. He said the $110 million committed over the past six months to acquisitions and capital expansions was expected to generate additional annual sales of approximately $150 million within three years and would meet each of Ansell's three strategic thrusts. The $50 million capital is being invested as follows: * Adding further thin Nitrile dip lines and increasing yield and capacity of exisiting lines in Troy, U.S. These products, branded "Nitrilite TM" Touch n Tuff TM" and "Nitratouch TM" are central to Ansell's growth in critical environment gloves. * Installing nine additional powder free medical examination glove dip lines in Bangkok and Colombo to meet increasing demand for the product. * The addition of more than 200 automated knitting machines at Ansell Golden Needles at Wilkesboro, U.S., to increase the production of fine gauge inspection gloves using high-tech fibres, required to service existing demand and anticipated market growth. Mr Boon said Ansell continued to grow strongly, maintaining an emphasis on driving internal growth while making strategic acquisitions such as Suretex and Kemwell. "This announcement is totally consistent with Ansell's growth plans and the development of a first-rate organisation which will ensure continued outstanding performance within Pacific Dunlop," Mr Boon said. For further information: John Hine 61 3 9270 7140 0412 254 952 END ACQWBUUCMBGRUQU
1 Year Hsbc Bk.22 Chart |
1 Month Hsbc Bk.22 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions