Golden Needles Knitting & Glove Co., Inc.

Hailed as a partnership of two world leaders in the industrial glove industry, Golden Needles Knitting & Glove Co. ("Golden Needles") and related companies were acquired by Ansell Edmont Industrial Inc. ("Ansell") for about $90 million to create a company that is the world's largest manufacturer of industrial gloves. Ansell has been a customer of Golden Needles for many years, and the two have been non-competing with differing product lines.  Ansell is based is Coshocton, Ohio, and is a subsidiary of Melbourne, Australia-based Ansell International. Ansell International, the world's largest manufacturer of latex and synthetic gloves, is owned by Australian-based Pacific Dunlop Ltd. 

Mr. Rod Chadwicke, Managing Director of Pacific Dunlop, said that Golden Needle's strength comes from applying its design technology to high-performance synthetic fiber combinations for making gloves suitable for use in meat-processing, metals fabrication, and industries requiring cut safe gloves. He further said the acquisition gave Ansell a 40 percent share of the U.S. high specification, cut resistant glove market, as well as a strong position in the developing European market. Chadwicke said the acquisition of Golden Needles represents a major growth opportunity for Ansell over the next five years.

The acquisition is beneficial to both companies. Golden Needles offers synergies in distribution, marketing, and manufacturing technology with Ansell's extensive range of industrial glove production. It also opens the door to extend sales of Ansell's industrial gloves through Golden Needles' sales force in Britain and Golden Needles' cut-resistant glove products worldwide through Ansell's sales organization. 

BWL's client and former owner of Golden Needles, Mr. Harold Plemmons, made the following comments in a letter to his employees. "To insure the growth and continuation of Golden Needles, I have elected to sell the company to Ansell Edmont Industrial. This will help to take care of my immediate family and health, to assure the job protection for my employees and future employees, and to continue to build the legacy of Golden Needles for its continued growth and prosperity for which I give you all the credit."

Golden Needles and related companies employ approximately 940 people including 840 people in five plants in Wilksboro, North Carolina. The Wilkesboro operation includes Tom Thumb Glove Co.  "This is a huge opportunity for people here," Pacific Dunlop Chairman, John Gough said during a recent visit to Wilkesboro, "because Ansell intends to expand operations in Wilkes County."