Ansell buys Hawkeye, US military glovemaker, for US$10.8 million

ERJ staff report (DS)

Melbourne, Australia -- Latex glove and condom maker Ansell Ltd. said Wednesday it has bought the Hawkeye Glove Co., the largest supplier of gloves to the US military, for US$10.8 million.

Hawkeye, based in Fort Dodge, Iowa, has five manufacturing plants in the United States making mostly leather gloves and has an annual turnover of about US$20 million, Ansell said in a statement to the Australian Securities Exchange.

The company has about a 10 percent share of the US military glove market, an area that Ansell had been examining for some time, the company said.

"Hawkeye brings to Ansell knowledge, expertise and technology in a channel which will be broadly incremental to our current business," said Ansell chief executive Doug Tough. "It is a true `bolt-on' acquisition in a market sweet spot for Ansell."

The purchase agreement includes an earn-out clause that provides for an uplift in price if certain sales hurdles are met over the next two years.

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Press release from Ansell