The site produces films, nets and foams, which are sold as components for first-aid and wound dressings, and have a variety of other medical applications. Annual revenue of the carved-out business to be acquired is approximately $16 million. The transaction is expected to close once customary closing conditions are met, which is anticipated in advance of year-end; terms of the transaction were not disclosed. Smith & Nephew is headquartered in London, UK.
Frédéric Villoutreix, Chairman of the Board and CEO of SWM, commented, "We acquired DelStar last year as the cornerstone of a new strategic growth platform. Gilberdyke represents a highly complementary asset to DelStar's existing medical business, which is largely focused on the finger bandage category. The manufacturing capabilities and customer relationships we will acquire through this transaction will elevate our presence and product depth in the attractive healthcare industry, and accelerate growth of SWM's Filtration segment."
The transaction is expected to be accretive beginning in 2015.
