Red Bank, New Jersey -- Ansell Ltd has failed in its bid to purchase Polish condom maker Unimil S.A.
The rubber glove and condom manufacturer made a $34 million (â‚¬26.7 million) tender offer in July for all shares in Unimil with the hope of closing the deal this month.
Its offer for PolandÂ´s largest condom maker, however, expired on 11 Aug.
Ansell wanted the Krakow-based firm, which has a 65-percent share of the Polish market and 11 percent of the market in Germany, to give it production and packaging capacity in an area where it didn't have a large presence.
The purchase fit AnsellÂ´s strategy of buying firms that broadened its geographic reach, according to chief executive Douglas Tough.
The company would continue to pursue other acquisition opportunities, he said.
Ansell, which is based in Melbourne, Australia, as well as Red Bank, has been looking for companies that could fit into its structure for more than a year.
Ansell purchased a 75-percent interest in Wuhan Jissbon Sanitary Products Co. Ltd, a condom supplier in Wuhan, China, for about $18 million in March and holds an option to acquire the remaining 25 percent of the business.
From Rubber & Plastics News (A Crain publication)